Entrepreneurship, Marketing, and the Global Economy

Front

_____ involves finding out who your customers are, what they need and want, the prices, the level of competition.

Back

Marketing

Front

____ refers to goods/services produced for sale, it should also relate to the needs and wants of the customers

Back

Product

Front

____ refers to the process of setting a price for a product/service.

Back

Pricing

Front

____ means the different ways of getting your products or services to your customers.

Back

Place

Front

____ means informing your customers of your products and services and attracting them to buy them.

Back

Promotion

Front

____ provides the information that is necessary for companies to correctly position their product in the marketplace and offer the best combination of product, price, place/distribution, promotion, and person.

Back

Market Research

Front

Which of the following is an example of product adaptation? Options: Creating an entirely new product for a specific country, Keeping the brand name but changing the product to meet the needs of the country, Changing the message or visuals in the advertising of the product, Use the same products and promotion for every country

Back

Keeping the brand name but changing the product to meet the needs of the country

Front

Congress has the power to grant copyrights and patents to inventors. Why does this serve as an incentive in a free enterprise system?

Back

It offers inventors the possibility of making profits in the market.

Front

Which of the following is true if two countries have free trade between them? Options:  The larger of the two countries suffers because they give up too much,  Both countries benefit and the standard of living is increased for both, The country with the comparative advantage does not produce the goods, It is unknown because this has never happened in the history of economics

Back

Both countries benefit and the standard of living is increased for both

Front

“War toys cannot be advertised in Greece” is an example of what which global environmental factor? Options: Cultural factor, Technology factor, Political factor, Socio-economic factor

Back

Political factor