Princ. of Bus and Mkt

Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.

"Don't spend money on unnecessary items" ...she should move this from Demographics to Buying Patterns.

Which of the following is probably NOT an important point to include in a business pitch?

A detailed description of the meaning behind the company's name.

Which of the following would NOT be considered a want?

A warm winter coat

Which of the following would be an example of a NEED?

A warm winter coat

What is an entrepreneur?

An entrepreneur is someone who creates, owns and potentially runs a business

Which of the following is NOT true about an entrepreneur?

An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.

What is a variable expense?

An expense that is different from month to month.

What is a fixed expense?

An expense that typically does not change month to month.

Which of these statements defines the philosophy of marketing?

Focus all of efforts on satisfying the wants and needs of the customer

Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?

Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient.

When demand exceeds supply, ___________of products occur. When ____________occur, businesses can raise prices and still sell their merchandise. This is a seller's market.

Shortage

Which statement is the best description of a Value Proposition?

The features and benefits that make the product or business unique.

Which of the following is NOT a true statement about business plans?

They should never be revised.

While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?

Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.

An example of an asset is

Time, Money, A car

What is the main purpose of developing a business pitch?

To briefly share the most important information about your business to people in an engaging way.

Which of these products is a service?

Veterinary care

Why is it important to conduct market research on your target audience before building your marketing plan?

You need to consider who your potential customers are before deciding on marketing strategies.

George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

-Go online to find trade associations, listings of local and national competitors, and any information on financials. -Explore websites of other shoe retail businesses and take notes. -Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

Which of the following cannot be marketed?

-Goods and services -Celebrities -Ideas

Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?

-Increase the prices -Increase the number of cupcakes he sells -Decrease his fixed expenses

Marketing research can help companies decide

-What products to produce -What price to sell the products -Who is the target market for the products

Your friend is developing a marketing plan for her new business. What should she put in this plan?

-Where she wants to sell her product -The price of her product -A description of the people in her target market

Any form of paid, non-personal communication that uses mass media to deliver the marketer's message to an audience

Advertising

Which of the following is NOT necessarily a characteristic of successful entrepreneurs?

Aggressiveness & Intensity

The law of demand states:

As the price of a good decreases, consumers buy more of the good

When businesses only make enough money to pay off their expenses, therefore they end up not making a profit.

Break-Even Point

Goods are tangible products a business sells like

Clothes

The struggle between two or more businesses to attract scarce customer dollars

Competition

Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.

Businesses must name a board of directors

Corporation

Owners are called shareholders

Corporation

Requires a charter filed with the government to start

Corporation

The quantity of a product consumers are willing and able to purchase at a given price

Demand

The study of the population in terms of age, gender, height, income, education.

Demographics

Transportation, storage, and inventory control are activities of which marketing function?

Distribution

What role do entrepreneurs play in economics?

Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.

______________exists when the amount of product supplied is equal to the amount of product demanded.

Equilibrium point

The goal of promotion is to

Inform, Persuade and remind

Which of the following is a start-up expense for Maria's food truck?

Kitchen appliances and other equipment needed to conduct her business

Gathering and studying data about the buy habits of consumers.

Market Research

Which of these statements about publicity is NOT TRUE?

Marketers control how the information is presented.

The process of planning, pricing, promoting, selling, and distributing products to meet customers wants and needs.

Marketing

Involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.

Marketing research

Which of the following would be an example of a WANT?

Movie tickets

Requires an agreement to start

Partnership

Unlimited legal and financial responsibility is shared

Partnership

____________includes the location and methods used to make the product available to the consumer.

Place/Distribution

Which of these is NOT part of a consumer profile?

Polygraphics

The __________ is the amount the customer will pay for the product. The value of money or its equivalent placed on a good or service.

Price

Target discounts their selection of winter coats in mid-February. What marketing function did they implement?

Pricing

A ____________is anything offered to a market by the business to satisfy needs, could include physical products or intangible services.

Product

Creating new products, services, images, or ideas that will influence consumer buying behavior is an example of

Product/Service Management

Trey hangs posters advertising the school play in local businesses. What marketing function did Trey implement?

Promotion

______________is any form of communication a business or organization uses to inform, persuade, or remind consumers about its products or services.

Promotion

Advertising that aims to sell a product or particular brand of a product by highlighting the features and benefits of the product.

Promotional

Building customer loyalty through good customer relations

Relationship Marketing

The marketing concept is

Satisfying customer wants and needs while still making a profit

Easiest form to start and most common form of business. Requires no paperwork other than business licenses/permits to start

Sole proprietorship

Owner keeps all of the profits

Sole proprietorship

Owner responsible for all debts and funding can be difficult to obtain

Sole proprietorship

George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?

Start promoting their shoe store to people in the neighborhood.

The quantity of a product that producers are willing and able to produce at a given price

Supply

________________of goods occur when supply exceeds demand. When this happens, businesses respond by lowering their prices in order to encourage people to buy more of the product. This is a buyer's market.

Surplus

The law of supply states

When the price of a product is increased, producers will prefer to produce more of that product and when the price is decreased, less will be produced.

In an overall sense, where does marketing occur?

Wherever customers are

Regina is creating her competitive analysis. She understands why it's important to know her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?

Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.

Which of the following is an advantage of starting your own business?

You have control over where and when you work.

The four elements that make up the marketing mix are:

product, place, price, and promotion

What are the four parts of a SWOT Analysis?

strengths, weaknesses, opportunities, threats