Review

What is a proactive process of developing a business venture to make a profit?

• Market

• Economic Development

• Entrepreneurship

A highly _______________entrepreneur displays full commitment to the work endeavor that he/she is undertaking.

• committed

• Persistent

• Opportunity seeker

Refers to the mental ability of the entrepreneur to learn new things, generate new ideas, and express

            knowledge in both oral and written forms.

• Cognitive skills

• Interpersonal skills

• Problem - Solving skills

These are entrepreneurs who are to follow the path shown by innovative entrepreneurs.

• Imitating

• Fabian

• Innovative

In which of the following potential products are in demand among single females, ages 20-30 years?

• Fruits and vegetables, hair dye, medicines.

• Trendy clothes, soft drinks, chips, prepaid cellphone load

• Beauty products, clothes, bags, perfumes, shoes and magazines                                                                                                                                                                                                                                                                                                                      

You have identified a market need for a durable and waterproof backpack for outdoor enthusiasts. Which option below represents the most effective way to apply your knowledge and select the best backpack that will meet this market need?

• Consult with outdoor experts and enthusiasts to gather their recommendation on the best  backpack for outdoor activities

• Evaluate the materials, constructions, and customer reviews of backpacks to determine their durability and waterproof capabilities.

• Compare the features and specifications of different backpacks and select the one with the highest customer ratings.

Which among the statement is true about the product and service planning and development?

• The consumer will conduct a consumer panel in the concept stage.                                                                   

• The work done from the idea, concept and development is validates in the test marketing stage.             

• In the idea stage conversational interviews are conducted to understand consumer preference

 All statements refer to the product and service planning and development except one.                                   

• Actual reactions from prospective customers are determined

•                                               

  Actual reactions from prospective customers via the concept stage is product development stage.                                           

• In the concept stage both favorable and unfavorable results will be used to device an acceptable

  product/services.                                                                                                                                                             

Why is it important to identify and rank the uniqueness product/service?                                                                                                 

• Key to success as this will compel customers to purchase from you and not from your competitors.  

• Customers think that they are really getting more value from you than others.                                                                                    

• Customers do not want to feel that they are being fooled

Why is important to determine the primary and secondary target market?                                                                                

• Serve all types of customers can give more profit to the entrepreneurs

• Entrepreneurs can expand business if a wide range of customers serve.                                                              

• Entrepreneurs must focus only on customers whom they can serve beneficially.