Entrep 5

Question 1

Something that exists in nature or is made by human industry,
usually to be sold.

Answer 1

Product

Question 2

This is intangible work, skills, or expertise provided in exchange for a fee.

Answer 2

Service

Question 3

4 Ps

Answer 3

Product
Place
Price
Promotion

Question 3

What is the key to building a successful brand?

Answer 3

Focus
-said by Al Ries

Question 4

What is the full word of Logo?

Answer 4

Logotype (an identifying symbol for a product or business.)

Question 5

This strategy is offering “more for less” by underscoring a product’s quality, while at the same time featuring its price.

Answer 5

Value Pricing

Question 6

This is defined as any word, name, symbol, or device used by a manufacturer or merchant to distinguish a product.

Answer 6

Trademark

Question 6

This pricing strategy is where a firm sets high prices on its products or services to send a message of uniqueness or premium quality.

Answer 6

Prestige Pricing

Question 6

This pricing method is one of the most commonly used; you add a desired profit margin to your cost. It is the simplest cost to calculate.

Answer 6

Cost-Plus Pricing

Question 7

This is an offshoot in cost plus pricing in which you apply a predetermined percentage to a product’s cost to obtain its selling price.

Answer 7

Markup Pricing

Question 7

This strategy provides different prices for a single product or service.
Many businesses use this type of method, often without conscious recognition of it. They offer discounts, credit terms, and price concessions to their customers, setting different prices for the same product or service.

Answer 7

Variable Pricing

Question 8

This strategy offers a low price during the early stages of a product’s
life cycle to gain market share.

Answer 8

Penetration pricing

Question 8

This is the opposite of penetration strategy because it seeks to charge high prices during the introductory stage when the product
is novel and has few competitors, to take early profits, and then to reduce prices to more competitive levels.

Answer 8

Skimming Pricing

Question 8

This strategy is constantly matching or undercutting the prices of the competition.

Answer 8

Meet-or-beat-the-competition pricing

Question 9

This is similar to a meet-or-beat-the-competition
tactic but with a particular competitor as the model for pricing.

Answer 9

Follow-the-leader pricing

Question 10

The process of creating distinctive pricing levels.

Answer 10

Price Lining

Question 10

This charges a premium above the standard price for a product or service to certain customers, who will pay the extra cost.

Answer 10

Personalized (dynamic) pricing

Question 11

This is the use of advertising and publicity to get your marketing
message out to your customers.

Answer 11

Promotion
Ads=Paid
Publicity=Free

Question 11

This is a common way of calculating the aggregate budget.
It is the simplest to use because the budget will be derived either from the prior year’s sales or anticipated sales.

Answer 11

Percentage of sales

Question 12

This promotes your business to your current and prospective customers and to those who influence purchasing and sales decisions.

Answer 12

Marketing Communications

Question 13

All communications include what?

Answer 13

Originator (source)
Message (overt and/or subliminal)
Channel for dissemination
Target (receiver)

Question 13

This approach to promotional budgeting means determining
what is left over after other expenses are calculated, and allocating funds based on the results.

Answer 13

Excess Funds

Question 13

This is another way to set a promotional budget. It entails researching your competitors to determine their level of spending.

Answer 13

Competitive Spending

Question 14

These promotional tools are a way of securing product engagement and, potentially, repeat sales.

Answer 14

Contests and sweepstakes

Question 15

This method is to budget expenditures according to the strategies and tactics developed to reach specific promotional objectives. This entails building a budget based on what you have determined is needed to be successful.

Answer 15

Objective and Task

Question 16

This category of advertising provides information about an organization rather than a specific product and is intended to create awareness about the firm and enhance its image.

Answer 16

Institutional advertising

Question 17

This category of advertising is designed to create awareness, interest, purchasing behavior, and post-purchase satisfaction for specific products and services.

Answer 17

Product advertising

Question 17

Jay Conrad Levinson coined this alternative marketing term in 1984 with his book of the same name, meaning original, unconventional, and inexpensive small-business strategies.

Answer 17

Guerilla Marketing

Question 18

This form of marketing reaches beyond the traditional demographic approaches to engage customers based on how they live.

Answer 18

Lifestyle Marketing

Question 19

This promotional tool require the customer to actively seek out your product on the shelves or to contact you for the product or service.

Answer 19

Coupons

Question 19

What are the 2 types of Buzz Marketing?

Answer 19

Organic buzz marketing: People talk about it on their own Amplified buzz marketing: Companies jumpstart the talk

Question 20

This promotional tool brings the product or service message to life for the customer through experience.

Answer 20

Sampling

Question 20

This happens when the two major components of Internet marketing e-commerce and interactive marketing combine.

Answer 20

E-active marketing

Question 20

This is another name for word-of-mouth marketing.

Answer 20

Buzz Marketing

Question 21

This is the combining of education and entertainment to make a more lasting impression on an audience.

Answer 21

Edutainment

Question 21

This means addressing customers, absorbing their input, and reaching out to them again to make it clear you have paid attention.

Answer 21

Interactive marketing

Question 22

The provision of an electronic storefront and/or other forms of electronic commerce is one way of implementing your marketing strategy.

Answer 22

E-Commerce

Question 22

This is integrating a company’s conventional offline branding strategy with its Internet strategy by using conventional approaches to drive traffic to its online sites.

Answer 22

Brand Spiraling

Question 23

This is a journal that appears on the Internet periodically (perhaps daily) and is intended for the public.

Answer 23

Blogs (Short for Web-Log)

Question 23

This is undercover, or deceptive, marketing efforts that are intended to appear as if they happened naturally.

Answer 23

Stealth marketing

Question 24

This is the collective term used for all the blogs on the Internet

Answer 24

Blogosphere

Question 24

The updating of social-network sites via mobile handsets.

Answer 24

Mobile social networking

Question 25

Coined by Tim Draper this is the process of promoting a brand, product, or service through an existing social network, where a message is passed from one individual to another

Answer 25

Viral Marketing

Question 25

This can include campaigns in which the company solicits advertisements from customers.

Answer 25

Consumer-Generated Advertising

Question 26

This is defined by the Institute of Public Relations as “the planned and sustained effort to establish and maintain goodwill and mutual understanding between an organization and its public.”

Answer 26

Publicity, sometimes referred to as public relations (PR)

Question 27

This is a correspondence designed to explain the story behind a press release, and why it would be interesting and relevant to the media outlet’s readers, listeners, or viewers.

Answer 27

pitch letter

Question 28

This is an announcement sent to the media to generate publicity that explains the “who, what, when, where, why, and how” of a story.

Answer 28

press release

Question 28

This part of publicity is a great way to involve your business in the community and meet potential customers. Just be certain that the audience for the event fits into your target market.

Answer 28

Sponsorships

Question 29

What is the 5th P? (a concern for human and social welfare that is expressed by giving money through charities and foundations.)

Answer 29

Philanthropy

Question 29

This part of publicity is the exchange of information and contacts. When done efficiently and courteously, networking can serve as an excellent promotional vehicle.

Answer 29

Networking

Question 30

An entity formed with the intention of addressing social or other issues, with any profits going back into the organization to support its mission.

Answer 30

Not-for-profit organization

Question 30

This is a not-for-profit organization that manages donated funds, which it distributes through grants to individuals or to other nonprofit organizations that help people and social causes.

Answer 30

Foundation

Question 31

This type of marketing is marked by promotional efforts inspired by a commitment to a social, environmental, or political cause.

Answer 31

Cause-related marketing

Question 31

An intangible asset generated when a company does something positive that has value.

Answer 31

Goodwill