Entrepreneurship- Unit 4: How Do I Market a Business?

Which are included in a customer profile? Select all that apply.

0.17 of 1 marketing strategies socioeconomic status

Lesson 17

A Marketing Plan and Business Plan Go Together

How does a customer profile differ from a target market? Select all that apply.

A customer profile is a detailed description of the ideal customer. A target market is a group of people interested in a product or service.

Which explains why a marketing plan is important to a business? Select all that apply.

A marketing plan describes how a business will attract customers to its products. A marketing plan defines which channels a business will use to promote its products.

Which of the following is the main difference between a promotional plan and a marketing plan?

Promotional plans outline individual marketing campaigns, and marketing plans outline a business's overall marketing strategy.

Lesson 19

Revenue Streams Are the Entrepreneur's Dream

Which statements are benefits of a multichannel approach to marketing? Select all that apply.

Sales are likely to be higher. More customers can be reached. A larger target market can be identified.

Which are true about the changing global market? Select all that apply.

The number of global online shoppers is greater than the entire population of the United States. Marketing to a global market can cost more than marketing to a local community.

XYZ Deli has been a staple in the community for 25 years, offering breakfast and lunch services seven days a week. Its newest competitor, ABC Bakery, has been in business for five years, providing baked goods to customers Tuesday through Saturday. ABC Bakery has recently shared, via social media, its plans to expand the product line to include sandwiches. Though XYZ Deli has a minimal online presence, it relies on its long-term, local service to maintain customer loyalty. Which is a business weakness for XYZ Deli compared to ABC Bakery?

XYZ Deli has a minimal online presence.

What is the definition of business competition?

a critical component of capitalism in which producers vie for consumer business

Which of the following is an example of sales promotion?

a pop-up ad on a website that you must close before viewing the home page

Which statement best defines a financial plan?

a projection of expenses and revenue a business will incur

Why are multiple revenue streams an important part of a business plan?

They can keep revenue coming in if another source of revenue dries up.

Mike runs a popular T-shirt shop in the mall. He relies on location, strong brand recognition, and a well-defined customer base. He uses social media sparingly. On a whim, Patti opened a perfume kiosk in front of Mike's shop. She plans to attract his customers as they leave. Her employees have minimal sales experience but provide excellent customer service. She relies heavily on social media for advertising. Which are business weaknesses for Patti? Select all that apply.

an undefined target market inexperienced salespeople

Brooke attends the local university as a full-time student. She earns less than $10,000 a year with her part-time cosmetics business. She lives off campus and prefers to cook her meals at her apartment. Which of Brooke's characteristics make her an ideal customer for a pizza restaurant located by the university? Select all that apply.

attends the local university full time earns less than $10,000 a year

amion owns a small business that provides personal training services at clients' homes or local gyms. Which monthly expenses is Jamion most likely to incur? Select all that apply.

auto insurance gasoline cell phone

Match each term with the correct definition.

business plan: maps out the details of a future business marketing plan: details the methods that will be implemented to promote products and connect with the customer unique value proposition: a statement about the company's one-of-a-kind worth channels: the ways a business will reach its customers

Read these descriptions. a component of capitalism where producers vie for consumer business any individual or business that can attract a customer away from your product or service What do they describe?

competition

Lin Xue is opening a bakery on the same street as several other bakeries that offer similar products. Which pricing strategy is best for him to use?

competitor-based pricing

Which is a detailed overview of the business's ideal customer?

customer profile

Match each key term with the correct description.

customer profile: lists a customer's personal demographic information target market: general picture of a customer group psychographic information: a way of grouping people together by their shared beliefs or habits

A _[blank]_ is the component of business plan that lists an estimate of projected revenue and expenses. Which term best completes the sentence?

financial plan

Which section of a business plan contains categories such as rent, utilities, and subscriptions?

financial plan

Janice is opening a smoothie shop in an ideal, busy downtown area. She has hired an experienced, skilled workforce that is committed to providing excellent customer service. Her main concern is a coffee shop that opened two weeks ago nearby. Which are business strengths for Janice? Select all that apply.

having the ideal business location offering excellent customer service forming a highly skilled workforce

What is psychographic information?

information on a person's hobbies, values, and personality

In which stage of the product life cycle are prices usually at their highest point?

introduction

Hometown Pizza's university location serves pizzas, salads, and desserts to local high-school- and college-aged students. Its website and mobile app allow students to find deals and order for pickup or delivery. This location has gained popularity through word-of-mouth advertising, vendor booths, and student-only discounts. Which defines Hometown Pizza's university location business efforts? Select all that apply.

involved in the local community markets services online and in person serves the student and young adult population

Read the sentence. The information about a business's promotional plan is included in the overall _[blank]_. Which best completes the sentence?

marketing plan

Victor operates a business out of his home. He crafts high-quality handmade soap, which he sells online and at local festivals. Which is most likely Victor's highest expense?

materials

Tiffany wants to organize her small business's expenses in her financial plan. Which is an example of an annual business expense?

trademark/license renewal fees

Which of the following are necessary parts of a quality business plan? Select all that apply.

unique value proposition marketing plan

Which is an effective marketing strategy? Select all that apply.

using a customer profile to determine an ideal client's lifestyle designing products and services to meet an ideal client's needs

Carlos is writing a business plan for a new photography business. Which are examples of possible revenue streams for his business? Select all that apply.

wedding shoots school photos

Which statements are true about single channel and multichannel marketing? Select all that apply.

Using more than one method to reach customers is called multichannel marketing. The practice of using one method to reach customers is called single-channel marketing. Multichannel marketing is more likely to attract loyal repeat customers.

Lesson 15

Competition Is Essential in Business

How does Hometown Pizza's university location meet the needs of its market? Select all that apply.

It offers group rates to college clubs and sports teams. It offers a website and mobile app.

Which describe the difference between single channel and multichannel customers? Select all that apply.

Multichannel customers tend to be more loyal. Multichannel customers tend to spend more than single channel customers.

How is multichannel marketing different from single channel marketing when it comes to customer loyalty?

Multichannel marketing attracts more customers and builds customer loyalty.

Which are effects of technology on the global market? Select all that apply.

Multichannel marketing has become more important. Technology has made it easy to buy from foreign businesses.

Which are effects of technology on businesses? Select all that apply.

Online shopping has increased in popularity. It can take less time to do routine shopping. Product reviews have become an important tool for shoppers.

Lesson 20

The Costs of Doing Business

Lesson 16

The Customer Is in the Details

Lesson 18

The What, How, and Why of Promotional Plans

A pet store owner sells high-quality, specialty products for animals like dogs, cats, hamsters, birds, and fish. The store is small and cozy to appeal to customers who like to bring their pets inside. The store is also on a quiet street with very few parking spots. It advertises using social media, newspaper ads, and word of mouth. Who is the target market?

customers with pampered pets

ABC Bakery and XYZ Deli are competitors in the same town. ABC Bakery relies on social media and other advertising tools to promote its products and services. It has expanded services to include catering for the local professional community. This keeps it competitive with XYZ Deli who has a dine-in option for customers. Which are strengths for ABC Bakery over XYZ Deli? Select all that apply.

offering catering services to local professionals utilizing social media to advertise services

Holli runs a gym that makes most of its profit from monthly memberships. She wants to add an additional revenue stream. Which might be a good revenue stream for her? Select all that apply.

open a smoothie bar sell personal training sessions

Fatima is starting a preschool for 140 children to operate out of a building she owns. Which business expense will she need to plan for each month?

payroll

Match each pricing strategy with the reason a business might use it.

penetration pricing: to get a lot of customers quickly price skimming: to make a profit as quickly as possible life cycle pricing: to be highest when demand for a product is high competitor-based pricing: to stay at or below the others' prices discount pricing: to drive business when sales are slow

Gary owns a sports accessories business. He develops a flashing light that attaches to shoes or hands to make walking at night safer. He identifies his target market, and through research, decides to sell the lights for $15 each. He wants to advertise through social media. Which of the four P's is Gary forgetting?

placement

Steve owns an office supplies business and plans to run a community paper-shredding event in his store. He has invited local financial professionals and lawyers to speak with customers about the types of documents that should be shredded. He has written a press release and sent it to the local news channels and newspapers telling them about this free event. Which component of promotional marketing is Steve using?

public relations

Which are components of a promotional plan? Select all that apply.

public relations personal selling sales promotions advertising

Match each component of a promotional plan with the correct description.

public relations: communication that is meant to increase the positive image of a business advertising: promotions that businesses pay for such as billboards and mailings sales promotions: marketing tools a business pays for such as a company website, catalogs, or a blog personal selling: a meeting with a potential customer

Match each example with the correct demographic or psychographic information.

race, age, marital status: examples of demographic information lifestyle, personality, values: examples of psychographic information income, occupation, education: examples of socioeconomic information

Malik owns a manufacturing business that makes auto parts. Which is likely to be a monthly expense for his business?

raw materials

Read the sentence. Bill operates his tech startup out of a home office. This helps him reduce business expenses like _[blank]_ while he attempts to expand his business. Which best completes the sentence?

rent

Maggie oversees the holiday promotional plan for her company. The plan is designed to increase sales 20% over last season and will incorporate website information and radio ads. The promotion will last from mid-November through the end of the year. On December 15, Maggie realizes she cannot afford to continue advertising on the radio. Which element of creating the promotional plan did she forget?

setting a promotional budget

Match each term with the correct definition.

single channel marketing: the practice of using one method to reach customers multichannel marketing: the practice of using more than one method to reach customers marketing plan: the overall concept about methods that will be implemented to promote products and connect with the customer target market: a particular market segment on which a retailer or marketing campaign focuses to seek sales

Which statement best defines revenue streams in a lean startup business plan?

the ways a business can make money

Why must a business research the competition?

to adjust a business plan or strategy

Which are reasons to use a promotional plan as part of a marketing strategy? Select all that apply.

to attract new customers to increase sales