Entrepreneurship

Question 1

It refers to mode, means, or tools used by the entrepreneur to position the product in the target market to efficiently and effectively deliver to the consumers and to convince them about the benefits that they will derive from buying the product.

Answer 1

Marketing Mix

Question 2

Has defined as the set of marketing tools that the firms uses to pursue its marketing objectives in the target.

Answer 2

Marketing mix

Question 3

also known as “Ps” in marketing

Answer 3

Marketing Mix

Question 4

4 Ps of Marketing

Answer 4

1. Product
2. Price
3. Place
4. Promotion

Question 5

It refers to the tangible goods or intangible service offered by the business to the target consumers.

Answer 5

Product

Question 6

Must satisfy the needs of the customers better than the other competing products.

Answer 6

Product

Question 7

an article or substance that is manufactured or refined for sale

Answer 7

Product

Question 8

is the concept in marketing where they make different product or service available to the customers on top of the primary product.

Answer 8

Product Mix

Question 9

Mercury Drug, it was formed and designed primarily sell a complete line of pharmaceutical product however today already included household merchandise, food, toilletries & etc.

Answer 9

Example of Product Mix

Question 10

The process of moving products from the producer to the intended user .

Answer 10

Place

Question 11

The entrepreneur must establish his business or product in the most strategic place or location, or put your business where your consumers are willing to buy the product.

Answer 11

Place

Question 12

When the supply of the competing product is high, the price of the product is usually low.

Answer 12

Availability of the Competing Product

Question 13

Producer tend to gradually pull down the prices when the supply is high, and adopt a reverse mechanism when the supply is low.

Answer 13

Availability of the Competing Product

Question 14

It refers to the amount spent by the manufacturer in view of the expected future benefits.

Answer 14

Cost

Question 15

It refers to the wages paid to the worker.

Answer 15

Direct Labor

Question 16

It includes direct materials and labor and other expenses ( light, water, fuel, machinery maintenance.

Answer 16

Factory Overhead

Question 17

It pertain to the materials that form part of the finished product.

Answer 17

Direct Materials

Question 18

These kind of product are used as raw materials of other manufacturing entities

Answer 18

Industrial Products

Question 19

Have higher prices compared to consumers product.

Answer 19

Industrial Products

Question 20

Prices remain fixed for long period, while consumer product may undergo several price changes within a very short span of time.

Answer 20

Industrial Products

Question 21

used and consumed by individual consumers, classified into convenience product, shopping product, o - highly priced product.

Answer 21

Consumer Product

Question 22

2 Types of Product

Answer 22

1. Industrial Product
2. Consumer Product

Question 23

Influence the Setting of Prices of Goods and Services:

Answer 23

1. Availability of the Competing Product
2. Cost of Making the Product
3. Type of Products
4. Presence of Substitute Product
5. Stages of the Product in the Market
6. Demographic profile of target consumers

Question 24

is a threat to the primary product, the customer can easily switch and buy the products with lower prices.

Answer 24

Presence of Substitute Product

Question 25

The entrepreneur must continuously monitor and study the entrepreneurial opportunities of substitute product.

Answer 25

Presence of substitute product

Question 26

Stages Of The Product In The Market The product usually undergoes the following stages:

Answer 26

1. Introduction Stage 2. Growth Stage 3. Maturity Stage 4. Decline Stage

Question 27

The pricing strategies most often used by retail business includes

Answer 27

Psychological Pricing and Discount Pricing

Question 28

The product are sold at a lower price in limited temporary period like midnight sale, Christmas sale, or anniversary sale.

Answer 28

Promotional Pricing

Question 29

The product are sold at prices that end in ODD number 5 like P99.95, P199.95, appear cheaper compared to product with prices that end in even number 0 like P100, or P200.

Answer 29

Odd Or Even Pricing

Question 30

The products are purposely sold at a higher price in order to create a high or superior image like a skin lotion sold at P700 whereas other sold P150-P200.

Answer 30

Prestige Pricing

Question 31

Refers to the mode of conveying the presence and attributes of the product to the target consumers.

Answer 31

Promotion

Question 32

Through promotions, the business communicates to the target consumers and elicits their desire to buy it.

Answer 32

Promotion

Question 33

The most important element in advertising is the ___________ that must be conveyed to the consumers.

Answer 33

Message

Question 34

the most common medium of promoting a product or service is through advertising in the following forms

Answer 34

Advertising

Question 35

Another way or promoting the product or service to the target consumers through media coverage.

Answer 35

Publicity

Question 36

Involves a salesperson who has personal and direct contact with the prospect consumers.

Answer 36

Personal Selling

Question 37

The salesperson is in a competitive position to influence the consumers to buy the product.

Answer 37

Personal Selling

Question 38

It aims to influence the target consumers to buy the product or avail of the service now and not tomorrow.

Answer 38

Sales Promotion

Question 39

Involves giving incentives to consumers so they will acquire the product or service.

Answer 39

Sales Promotion

Question 40

A product or service through direct marketing is undertaken through the internet, the entrepreneur starts by building a consumers database, performs a one on one approach in building consumers relationships and sells the product online.

Answer 40

Promoting

Question 41

They can choose from a wide range of product selection and buy the desired product anywhere and anytime from the online seller, product sold through ________________ cheaper than those sold in physical store.

Answer 41

Direct Marketing

Question 42

The most popular promotional tools adopted in sales promotions category are following:

Answer 42

1. Discounts 2. Coupons 3. Cash 4. Gift certificates

Question 43

The modified model of the Marketing Mix has added _______ as another elements that assists in product positioning.

Answer 43

People

Question 44

Refers to the process of putting the product in package or container.

Answer 44

Packaging

Question 45

The basic purpose of _______ is to protect the product from spillage, damage or spoilage.

Answer 45

Packaging

Question 46

Refers to the place occupied by the product in the minds of the consumers.

Answer 46

Positioning

Question 47

It is a marketing strategy that defines the target consumers.

Answer 47

Positioning

Question 48

For example, in relation to the product image, there must be a quality product that satisfies the needs or wants of consumers.

Answer 48

Positioning

Question 49

Based on the customer - oriented perspectives, the 7Ps may be presented in customers driven strategy as follows.

Answer 49

1. Customers satisfaction for product. 2. Customer convenient for place. 3. Customer cost lowered 4. Customer information for promotions 5. Customer quality assurance for people 6. Customer safety for packaging 7. Customer decision for positioning

Question 50

Allows the consumers to buy or avail the product at a price lower than the regular selling price

Answer 50

Discounts

Question 51

Are form of incentives to the consumers for patronizing a store.

Answer 51

Coupons

Question 52

means of promoting the product helps the business in gaining the loyalty of the consumers.

Answer 52

Cash reward

Question 53

Arw incentives to the consumers who have completed the required accumulated amount of purchase.

Answer 53

Gift certificates

Question 54

Is actually the roadmap of the new business. It provides a clear direction to any uncertain business endeavor.

Answer 54

Business Plan

Question 55

Another document that must be prepared and has equal importance as the business plan.

Answer 55

Feasibility Study

Question 56

Two major tests are conducted every time a new business idea is created.

Answer 56

a. test of possibility b. test of feasibility

Question 57

Defined as a detailed and integrated written document that describes the various activities involved in opening and operating a new entrepreneurial venture.

Answer 57

Business Plan

Question 58

Parts of Business Plan

Answer 58

1. Introduction 2. Executive summary 3. Environmental analysis 4. Business description 5. Organizational plan 6. Production plan 7. Marketing plan 8. Financial plan 9. Appendix

Question 59

Presents the general perspective of the business.

Answer 59

Introduction

Question 60

It may consist of 1 to 2 pages.

Answer 60

Introduction

Question 61

The introduction includes, among the others, the following sections:

Answer 61

1.Proposed name of the business 2.Address of the business 3.Name of the owner or owners 4.Description of the business 5.Location of the business 6.Funding requirement and source

Question 62

The formulation and drafting of the proposed business name is not as simple as it sounds. It is a delicate and important entrepreneurial task. Remember that the name of the business may exist in the market for many years. Careful and in-depth planning is of prime importance.

Answer 62

Proposed Name of the Business

Question 63

It is important that the address of the business is correctly written because all business correspondence is mailed to the business address.

Answer 63

Adress of the Business

Question 64

Nowadays, it is also necessary for the business to have an email address to facilitate electronic communication.

Answer 64

Address of the Business

Question 65

The name of the owner must be properly stated. In case the venture is a partnership, the name of the partners, including the extent of their liabilities, must be indicated.

Answer 65

Name of the Owner

Question 66

A brief description of the business must include information about the type of product or service that the business intends to produce or provide. It may include a brief information about the ultimate mission, vision, and objectives of the business. The other products or services that the business plan to produce must also be mentioned in the description of the business.

Answer 66

Description of the Business

Question 67

There are no rigid rules in the selection of the business location since several variables affect the selection of the business location. The basic entrepreneurial consideration is to place the proposed business in a strategic location that will assure competitive advantage.

Answer 67

Location of the Business

Question 68

The following factors should be considered when deciding on the location of the proposed business:

Answer 68

1. Proximity to the target consumers 2. Distance from the sources of raw materials, labor, and utilities 3. Availability and cost of transportation 4. Peace and order situation 5. Presence of direct competitors 6. The geographic and climatic conditions

Question 69

Funding Requirement and Source

Answer 69

The estimated total initial cost of the business venture must be clearly indicated. It should include the projected breakdown or allocation of the total cost. This section also presents the source or sources of funds.

Question 70

It points out the overall highlights of the business plan.

Answer 70

Executive Summary

Question 71

Commonly the last section to be written after all other major parts have been completed. However, the executive summary must NOT, in any manner, provide a summary of the different major sections of the business plan. It must be written in simple language that can be easily understood and at the same time attract the attention and influence the decision of the reader.

Answer 71

Executive Summary

Question 72

The executive summary must include the following sections:

Answer 72

1.Vision, mission, goals, and objectives of the business 2.Business model 3.Business and product position 4.Wealth improvement approaches 5.Parties supporting the business

Question 73

Provides a detailed description of the business in different aspect.

Answer 73

Organization Plan

Question 74

Presents or describes activities related to the production of goods.

Answer 74

Production Plan

Question 75

Outline the various activities from the acquisition of raw materials to the delivery of the product to the target consumers.

Answer 75

Operation Plan

Question 76

It is actually the roadmap of the new business. It provides a clear direction to any uncertain business endeavor.

Answer 76

Business Plan

Question 77

It is defined as a detailed and integrated written document that describes the various activities involved in opening and operating a new entrepreneurial venture.

Answer 77

Business Plan

Question 78

It determine the external and internal factors affecting the performance of the business.

Answer 78

Environmental Analysis

Question 79

This presents the nature and form of the business to be undertaken.

Answer 79

Business Description

Question 80

It refers to the process or technique of converting raw materials into goods.

Answer 80

Method

Question 81

Four M's

Answer 81

1. Manpower 2. Method 3. Machine 4. Materials

Question 82

It simply refers to the human workforce involved in the manufacture of products. Considered as the most critical and important factor of production.

Answer 82

Manpower

Question 83

The selection of method of production is dependent on some factors, namely,

Answer 83

1. Product to produce 2. Mode of production 3. Manufacturing Equipment to use, and 4. Required skills to do the work.

Question 84

The product is the physical output of the whole collection process.

Answer 84

Product to Produce