WorksheetsChapter 3 and 4 Entrepreneurship IT
Total questions: 25
Worksheet time: 13mins
Which of the following is not an element of business definition?
the offer
the acceptance
target market
production and delivery capability
Business definition answers the questions of who, what, and ________.
how
when
why
None of the above.
A ________ is a group of people who would be interested in buying a given product or service.
market
consumer
customer
target
________ is the core values of an organization in action.
Mission
Culture
Vision
None of the above.
Your ________ is a concise communication of your strategy including your business definition, purpose, and your competitive advantage.
target market analysis
business plan
values statement
mission statement
Business definition + competitive advantage is ________.
competitive tactics
competitive strategy
business mission
business plan success
For a business to be successful, a competitive advantage must be ________.
expensive
legal
sustainable
profitable
The six factors of competitive advantage are quality, price, location, selection, service, and speed/turnaround.
True
False
To help determine whether your business will be profitable, calculate the ________.
difference between the costs and profits for one unit
economics of one unit
cost of goods sold
marginal cost of one unit
Total gross profit = ________.
profit - cost of goods sold
cost of goods sold - total revenue
revenue - cost of goods sold
revenue - operating costs
Total cost of goods sold per unit consists of ________.
volume cost + labor cost
labor cost - volume discount per unit
materials cost per unit + labor cost per unit
selling price per unit + gross profit per unit
Marketing is ________.
satisfying customers at a profit
the business function that identifies customers and their needs and wants
product, place, promotion, and price
All of the above.
Which business function do experts agree you should focus on first when preparing to start a business?
operations
marketing vision
financing
core concepts
A ________ identifies distinctively the goods or services of one organization from others through a design, symbol, name, term or other distinguishing features.
product
brand
strategy
positioning
________ is the business function that identifies customers and their needs and wants.
Marketing
Advertising
Selling
Promoting
The most important thing you should do before launching your product or service is ________.
thoroughly research the market
raise enough capital
design your logo
hire the right employees
Your best option in market research is generally primary rather than secondary research.
True
False
Psychographic analysis and behavioral analyses are examples of methods of ________.
market research
market segmentation
marketing
positioning
Which of the following aspects of a product/service is the most important to focus on when selling?
benefits
features
price
usefulness
Dividing a population on the basis of age, gender, income or education is ________.
marketing statistics
demographics
behavioral data
psychographics
What is a focus group?
It is a method of market research that involves bringing together some people who might use a product and having a researcher question them about it.
It is a method of market research that focuses on how the industry is performing.
It is a method of market research that involves collecting statistics about a group of people who might use a product.
It is a method of research that uses unhappy customers.
The set of four stages that a product or market goes through from its beginning until its end is called the ________.
phases of product maturity
product life cycle
marketing cycle
product stages cycle
Smart marketers always emphasize ________.
benefits, not features
features, not benefits
benefits, not prices
None of the above.
Positioning your product in the market involves ________.
buying advertising and obtaining publicity
distinguishing your product by demonstrating to customers that it is the cheapest in the
market
distinguishing your product from others being offered to the market segments you have targeted
moving it to the top in search engine optimizing
The positioning statement for a business includes its name/brand, its competitive industry/category, ________, and audience/target market.
features and points of difference
benefits or points of difference
benefits and similarities
pricing and distribution
