Small Business Entrepreneurship: Unit 4

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Under this market structure, any changes made in price or promotion of products will lead to counter-moves by competition.

an oligopoly

Preparing statistical graphs is used in this step of market research.

analyze the information

_____ are places where products and services are bought by individuals for personal or household use.

Consumer markets

___________ are markets for products and services bought by individuals for personal or household use.

Consumer markets

Market research cannot help entrepreneurs develop new concepts or ideas.

False

Market research provides worthless information on consumer buying patterns and preferences.

False

The four P's has been used the longest in the service industry.

False

The results of advertising can be evaluated with this use of market research.

Identify if communications are effective

This use of market research allows for businesses to evaluate the results of the advertising.

Identify if communications are effective.

This use of market research shows how to make the necessary adjustments to better meet the demands of the customers.

Identify if customer needs are being met.

The best ways for a business to see what competitors are doing is to try their products or services. That is part of this use of market research.

Identify threats and investigate the competition

The best ways for a business to see what competitors are doing is to try their products or services. This is an example of this use of market research.

Identify threats and investigate the competition.

Finding out how a product or service will do in a certain market is an example of this use of market research.

Identify value.

Markets that involve the sale of goods between businesses are called _____.

Industrial markets

QUIZ 2:

MARKET RESEARCH AND COMPETITION

QUIZ 3:

MARKETING MIX

_____ are examples of selling services to businesses.

Salons ✔ Security Doctors ✔ Waste disposal

_____ are designed for a company to state what it wants to accomplish over the course of the marketing plan.

Statements of objectives

_____ are examples of selling finished goods.

Steel Coal ✔ Office furniture ✔ Office supplies

QUIZ 1:

TARGET MARKETS

UNIT 4

TEST

When a company chooses to market a product in certain parts of the country but not in others because consumer preferences of one region differ from another region is known as _____.

geographic segmentation

The seven main functions of marketing summarize what it takes to _____.

✔ meet consumer needs ✔ bring a product to market ✔ earn a profit for a business follow and use a marketing mix

What do the seven main functions of marketing summarize ?

✔ meet consumer needs ✔ bring a product to market ✔ earn a profit for a business follow and use a marketing mix

The seven P's adds _____.

✔ people place ✔ physical ✔ process

The steps used by businesses to develop a customer profile survey include _____.

✔ surveys marketing mix ✔ market research ✔ individualize

_____is the part of the market that a specific product is focusing on.

A niche

_____ is a group of customers that a business decides to focus its marketing efforts and products on.

A target market

_____ assist marketing objectives and help a company reach its goals.

Marketing strategies

_____ are places where buyers and sellers interact.

Markets

_____ are examples of consumer durables.

Newspapers ✔ Microwaves ✔ DVD players ✔ Personal computers

Market research can help entrepreneurs develop new concepts or ideas.

True

This market structure has a single seller.

a monopoly

Telephone interviews can be used in this step of market research:

collect the information

What step of market research is described below? Telephone interviews can be used in this step of market research.

collect the information

When choosing a target market, telephones refer to _____.

communication

Looking at the specific target markets of competitors belongs to which step of choosing a target market?

competition

Looking at the specific target markets of rival businesses refers to _____.

competition

What step of market research is described below? A research study needs to be well designed and narrowly focused to be effective.

define the problem and research objectives

Race is a factor of _____.

demographics

Looking at different sources of data is part of this step of market research _________________

develop the research plan

Looking at different sources of data is part of this step of market research.

develop the research plan

When a company chooses to market a product in certain parts of the country but not in others because consumer preferences of one region differs from another region, it is known as ______________

geographic segmentation

Once the information is complete and conclusions are made, then management can make more confident business decisions is part of this step of market research.

make the decision

A _____ is the place where buyers and sellers interact.

market

The place where buyers and sellers interact is called a _____.

market

When a business enters a market where current products already exist, it is called a _____.

market penetration strategy

The division of a market into different customer segments is called _____.

market segmentation

Each _____ occurs every time a product or service is developed and sold.

marketing function

Businesses use this to help promote products and services and reach out to potential customers.

marketing plan

Each _____ should have a timeline and budget.

marketing tactic

Getting, managing, and using information about what customers want in order to improve business decision making and marketing operations and find out what will sell is called _____.

marketing-information management

Getting, managing, and using information about what customers want in order to improve business decision making, marketing operations, and finding out what will sell is called _____________

marketing-information management

In this market structure, product differentiation is evident.

monopolistic competition

Product differentiation is evident in __

monopolistic competition

The part of the market that a specific product is focusing on is called a(n) _____.

niche

Airlines are an example of ___________

oligopoly

In this market structure, identical products are sold by all companies.

perfect competition

The function of marketing that tells customers where they can buy the product and how the product gets there is called ____________

place

Where the customers can buy the product and how the product gets there is called _____.

place

Individual consumers are considered as _____.

possible customers

What step of market research is described below? If the findings and the results are not presented properly, all of the research completed was a waste of time and money.

present the findings

The methods of providing a service is called _____.

process

The four P's include _____.

process ✔ product ✔ price ✔ promotion

Communicating with customers about a product through advertising, publicity, and public relations is called _____.

promotion

Examples of selling services to businesses are _____.

salons ✔ security doctors ✔ waste disposal

Directly communicating with possible customers to find out and satisfy their needs is called _____.

selling

Certain products are promoted during certain times of the year. This is known as _____.

time segmentation

To be useful, market research has to be _____.

unorganized ✔ objective ✔ analytical lengthy

_____ are examples of soft goods.

✔ Clothing Newspapers ✔ Shoes Ovens

_____ are examples of services.

✔ Dentists ✔ Childcare Newspapers Personal computers

_____ are examples of fast-moving consumer goods.

✔ Frozen prepared meals Refrigerators Ovens ✔ Newspapers

_____ are examples of selling to profit and non-profit organizations.

✔ Offering medicines to hospitals Security ✔ Offering computers to universities Waste disposal

_____ are added to make the seven P's.

✔ Process Place ✔ Physical evidence ✔ People

_____ are examples of selling raw materials.

✔ Steel ✔ Coal Office furniture Office supplies

_____ are examples of reselling.

✔ Wholesalers ✔ Retailers ✔ Dealers Waste disposal

Examples of services are _____.

✔ dentists ✔ childcare newspapers personal computers

Examples of fast-moving consumer goods are _____.

✔ frozen prepared meals refrigerators ovens ✔ newspapers


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