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WorksheetsENTREP FINAL EXAM
Total questions: 62
Worksheet time: 1hrs 12mins
The capacity of a business to earn profits or income.
(a)
One of the best sources of ideas.
(a)
It helps the company promote, sell, and distribute products to the final buyers.
(a)
It gives assistance to entrepreneurs in obtaining specific product information which could be used as a basis for establishing a business enterprise.
(a)
It does not only operate ideas but also identifies the problems that confront the product.
(a)
This could be done through Focus Group Discussion, Brainstorming, and Problem Inventory Analysis.
(a)
A blueprint composed of controllable and uncontrollable variables crucial to the success of the firm must be managed well in order to attain its goals and outperform competitors.
(a)
More time-consuming, more expensive and does not provide a platform for building from other people’s experiences.
(a)
It allows group members to share experiences and to build from others’ experiences.
(a)
Allows entrepreneurs to know the extent of how much a product appeals to the market.
(a)
It is converting a superior product or service value advantage to a market advantage.
(a)
Its intent is to satisfy the target market.
(a)
To make the product affordable to target consumers.
(a)
To convince customers to buy immediately.
(a)
To offer a positive image of the company and the brand as well as promote advocacy.
(a)
To effectively inform, persuade and remind the target consumers.
(a)
Consumers are confronted with a brand from an unfamiliar product category.
(a)
Consumers may encounter a new brand in a familiar product category.
(a)
Consumers are familiar with both the brand and the product category.
(a)
The possibility of losing something.
(a)
It is associated with preparation and marketing.
(a)
It is associated with self-leadership.
(a)
It is about systems and processes that allow the entrepreneurs information and control.
(a)
It helps employees visualize and understand the role each department of an organizations plays in meeting the needs of other departments.
(a)
Suppliers delivering orders in the most fundamental part in a value chain.
(a)
Allows member to tap into their network as well as to receive mentorship from within the company.
(a)
Is an expanded value chain that show the involvement of other stakeholders in each value chain stage to create value?
(a)
Are critical repetitive tasks that are routinized to poster good strategy execution.
(a)
It is the ability to carry out a firm plan.
(a)
It governs the operation of a system such as corporate governance.
(a)
Grab the opportunity to offer new and effective ways to correct those efficiencies.
TRUE
FALSE
Don’t be too observant on how products and services that are available in the market work and how else it could make those more convenient and easier to use.
TRUE
FALSE
You cannot use people’s desire to gain new experiences, a strategy that has been proven by many innovators.
TRUE
FALSE
Investing in similar products that are relevant to change times and the growing population ensures success.
TRUE
FALSE
Potential customers are willing to try a new product only if they see that it is different and it is worth trying.
TRUE
FALSE
A seasonal business is a whole year-round business.
TRUE
FALSE
Cash flow considerations are not just as important as all the other business functions.
TRUE
FALSE
Differentiation is about uniqueness, but uniqueness can be considered if there is a new product brand.
TRUE
FALSE
Entrepreneurs must only think about making money and also winning a white space in the marketplace for impact and to be effective and efficient.
TRUE
FALSE
A market must be scalable as businesses must plan to grow.
TRUE
FALSE
In the maturity stage, companies may want to reposition their product or maintain only the strongest product and phase out weak products to maximize earnings.
TRUE
FALSE
In the growth stage, it is important that the fast-moving products be revitalized often enough so as not to make the product obsolete.
TRUE
FALSE
In formulating a marketing mix, it is important to know where the target market is in order to be aligned with their needs.
TRUE
FALSE
Product design and consumer education for the correct target market are designed to reduce ruin perception and are critical during the introduction stage.
TRUE
FALSE
In what way will you make your target market try you, is a product and service used to be a marketing mix?
TRUE
FALSE
Where can you find your target market, is advertising and selling used to be a marketing mix?
TRUE
FALSE
It is important to state that a positioning statement may be expressed in a shortened version externally and in-depth internally.
TRUE
FALSE
Entrepreneurs need to have an innovation mindset so they can stand out in the marketplace.
TRUE
FALSE
If the entrepreneur has chosen to be advertising-driven, they have to do mass media or digital advertising.
TRUE
FALSE
Focus is the same as having to narrow a target market that limits demand and growth.
TRUE
FALSE
“A will that excels” and “a team that wins” are associated with execution and self-leadership.
TRUE
FALSE
“A heart that cares” and “an institution that lasts” are associated with preparation and execution.
TRUE
FALSE
Machinery can only be articulated after the value proposition in the offering model is defined.
TRUE
FALSE
Methods are about systems and processes that allow the entrepreneur information and control.
TRUE
FALSE
Hard assets are human assets like relationships, skills, and knowledge.
TRUE
FALSE
Operational processes are procedures that support the core process and these are purchasing, accounting, technical, and recruitment.
TRUE
FALSE
Execution is the practice side of managing activities, makes strategy come alive.
TRUE
FALSE
The process can be improved with productivity tools whenever available.
TRUE
FALSE
Five (5) Things to Consider in Choosing the Right Business
(a)
Four (4) Components of Promotions
(a)
Four (4) Characteristics/Stages of Product Life Cycle
(a)
Nine (9) Ways to Create Value
(a)
