Entrepreneurship - Chapter 5

Once an entrepreneur has identified his/her goals, it is time to develop a:

• Marketing Concept

• Marketing Paradigm

• Marketing Strategy

• Marketing Mix

Which type of goals will be more helpful in determining how to target your marketing?

• Short-Term Goals

• Medium-Term Goals

• Long-Term Goals

• All goals should be given equal weight

Product characteristics that will satisfy consumer needs are called:

• Packaging

• Branding

• Labeling

• Features

A business's percentage of the total sales generated by all companies in the same market is called:

• Return on Investment

• Investment Share

• Market Share

• Saturation

Establishing informal ties with people who can help your business grow is called:

• Networking

• Brainstorming

• Selling

• Promoting

Price that is determined by how much customers are willing to pay for a product or service is called:

• Supply-Side Pricing

• Time-Based Pricing

• Markup Pricing

• Demand-Based Pricing

The process of selling your idea to a company for the development and launch of a new product is called:

• Licensing

• Franchising

• Copyrighting

• Paying Royalties

This type of pricing technique starts out with a low introductory price with the goal of building a strong customer base.

• Bundling

• Penetration Pricing

• Price Skimming

• Prestige Pricing

If a store sells snow shovels for half-price in the middle of the summer, the store is offering customers a:

• Cash Discount

• Quantity Discount

• Seasonal Discount

• Trade Discount

To successfully use the marketing concept, a business must do which of the following?

• Identify what will satisfy the customers' needs and wants

• Develop and market products or services that customers consider better than other choices

• Operate profitably

• All of the above