Entrepreneurship--Lesson 4-3 Slides

Multiple Choice

Which of the following best defines a loyalty program?

• A marketing program that provides incentives to repeat customers who are loyal company brand shoppers.

• A club for employees of a retailer to join.

• A discount coupon or code that's made available to first-time customers.

• A discount program aimed at people who shop with a retailer's competitors.

Match

Your sales have been decreasing lately. You need to determine why. In what order would you do the following:

• Identify Objective

• Develop a Research Plan

• Collect Data

• Analyze Data

• Present Findings

1

2

3

4

5

• 1

• 2

• 3

• 4

• 5

Multiple Choice

Creating customer loyalty is rewarding for:

• The store

• The sales associate

• The cusomter

• All of the abpve

Multiple Choice

Why is it important for a business to understand its competition?

• To avoid legal issues

• To improve customer service

• To identify market opportunities

• To increase advertising budget

Multiple Choice

Which of the following is NOT a reason why it is difficult for entrepreneurs to compete with large retailers?

• Large retailers usually keep larger quantities of products in stock.

• Large retail chains do not rely on a single product line.

• Large companies have more resources for advertising.

• Large retailers have fewer employees than small businesses.

Multiple Select

Which steps are part of beginning a competitive analysis?

• Make a list of your competitors

• Summarize the products and prices offered by your competitors

• List each competitor’s strengths and weaknesses

• Determine the location of your competitors

Multiple Select

Which of the following strategies can help maintain customer loyalty?

• Offer superior service

• Increase product prices

• Easy return policies

• Frequent buyer programs

Multiple Choice

What is the difference between direct competition and indirect competition?

• Direct competition involves businesses selling the same or similar products as another business, while indirect competition involves businesses selling different products.

• Direct competition comes from businesses that make most of their money selling the same or similar products or services as another business, while indirect competition comes from businesses that make only a small amount of money selling the same or similar products or services as another business.

• Direct competition is less important than indirect competition.

• Indirect competition only exists in international markets.