Entrepreneurship Lesson 3

Question 1

refers to how you sell your product or services to your costumer. You will address the wants of your costumers.

Answer 1

Unique Selling Proposition (USP)

Question 2

Abbreviation for USP

Answer 2

Unique Selling Proposition

Question 3

5 steps to determine USP

Answer 3

1. List the features and benefits that are unique about your product or service
2. Decide what emotional need is being specifically met by your product or service.
3. Identify aspects of your product or service that your competitors cannot imitate.
4. Create phrases about your unique product or service that are short, clear, & concise.
5. Answer your costumer’s primary question: “What’s in it for me?”

Question 4

are those who are most likely to buy product from you

Answer 4

Target Market

Question 5

is a stage in market identification process that aims to determine the buyers with common needs and characteristics.

Answer 5

Market Targeting

Question 6

The Market Mix (7Ps)

Answer 6

1. Product
2. Promotion
3. Pricing
4. Place
5. People
6. Packaging
7. Positioning

Question 7

refers to any goods or services that are produced to meet the costumers’ wants, tastes and preferences

Answer 7

Product

Question 8

refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others.

Answer 8

Promotion

Question 9

is the value of money in exchange for a product or service

Answer 9

Pricing

Question 10

represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel.

Answer 10

place

Question 11

your team, a staff that makes it happen for you, your audience, and your advertisers are the people in marketing

Answer 11

People

Question 12

is a silent hero in the marketing world. It refers to the outside appearance of a product and how it is presented to the costumers.

Answer 12

Packaging

Question 13

it is the process of marketers use to determine how to best communicate their products’ attributes to their target costumers based on costumer needs, competitive pressures, available communication channels and carefully crafted key messages.

Answer 13

positioning

Question 14

is a name applied by a manufacturer or organization to a particular product or service.

Answer 14

Brand Name

Question 14

it is the simplest method. The cost of a product is figured out and tacked on a little something for profit.

Answer 14

Cost - Plus Method

Question 15

this is not based on cost, but on the interaction of demand and supply

Answer 15

Market-Oriented Method

Question 16

some products may be sold at a losing preposition to attract customers to go to their stores. The mark-up is taken from other products.

Answer 16

“Loss” Leader Strategy

Question 17

stating the price on a lower scale. For example: P2.95 instead of P3.00.

Answer 17

Psychological Pricing

Question 18

this pricing approach is not aimed at maximizing profit per single single purchase but in bulk of quantity/frequent scale

Answer 18

Value for Money Pricing

Question 19

the “seller” subdivides the market into groups responsive to price deals, product quality, etc.

Answer 19

Pricing Factor Segmentation

Question 20

in cases where demand is limited and competition is intense, the usual mark-up pricing approach is temporary suspended in favor of a markdown to capture a segment of the market.

Answer 20

Marked Down Pricing

Question 21

for the end-users, this is commonly used so that they will buy more than the required quantity.

Answer 21

Bonus-Pack Pricing