MKT 4300 Quiz 2

A(n) ______ business is one who product or service is new to the industry or is itself creating a new industry.

pioneering

While _____ refer to what customers sense in a product or service, _____ refer to the ways by which firms can keep costs low for customers.

value benefits; cost benefits

Gross profit is

what is left after deducting the cost of goods sold.

The ______ market refers to the customers within the geographic reach of a firm.

serviceable available

The ______ market represents the customers that a firm expects to be interested in its particular product or service.

serviceable obtainable

A ______ is an intended outcome for a business.

goal

A _____ is a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time. Multiple choice question.

Boom

The title page typically contains which of the following information?

Company name. Date the version was completed. Contact information including owner names, address, and telephone numbers.

A(n) ______ is any other business in the same industry as your business.

Competitor

________ refer to the skills that an organization and all its competitors have. (Enter one word in each

Core Competencies

A ______ is a one-page document on business stationery that introduces the business plan and the business owner to the recipient and indicates why the recipient is being asked to read the plan. Multiple choice question. executive summary

Cover Letter

_____ research is data gathered by simple observation--seeing what consumers do, rather than asking them.

Ethnographic

______ is the general name for the line of product or service being sold or the firms in that line of business.

Industry

_______ are changes in competitors, sales, and profits in an industry over time.

Industry Dynamics

The ______ is the post tax income an entrepreneur personally seeks from an business.

Magic Number

_____ refers to the notions and actions that explain the profit-making means of a firm.

Strategy

What is the extent to which a product or service is like another.

The degree of similarity

A(n) ______ is a simple 5- to 10-word statement that expresses the fundamental idea or goal of a firm.

Vision Statement

The serviceable obtainable market represents

customers that a firm expects to be interested in its particular product or service.

The scope is a characteristic of a market that...

defines the geographic range covered by the market, from local to global

Scalar questions

ered by some sort of scale.

The ______ stage of the industry life cycle is where customer purchases increase at a dramatic rate.

growth

An overall strategic approach in which an entrepreneur does more or less what others are already doing is called a(n) ______ strategy.

immitative

Incremental innovation is an overall strategic approach in which a firm

patterns itself on other firms, with the exception of one or two key areas.

A business plan that provides information on a company, its products or services, its market, and critical risks to prospective business or marketing partners or to prospective key employees is called a(n) _____.

summary plan

A(n) ______ is a customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

End user

The post tax income an entrepreneur personally seeks from a business.

Magic number

______ research is the systematic collection and interpretation of data to support future marketing decisions.

Marketing

a customer group that involves large portions of the population.

Mass Market

an imitative business that competes locally with others in the same industry.

Parallel competition

Which are the four components of the marketing mix?

Product, price, promotion, and placement

A(n) _____, also called a mini-plan, gives the basic overview of a firm and a detailed look at the firm's financials.

SCREENING PLAN

The ______ is a characteristic of a market that describes the market's size.

Scale

The ______ stage in the industry life cycle is characterized by a decrease in the number of firms in an industry.

Shake out

A purchaser is a customer role that describes

an individual or institution that pays for or obtains a product or service.

The serviceable available market refers to the

customers within the geographic reach of a firm.

overall strategic approach in which a firms seeks to do something that is very different from what others in the industry are doing.

innovative strategy

The industry is the....

general name for the line of product or service being sold or the firms in that line of business.