SELECT THE BEST PRODUCT OR SERVICES THAT WILL MEET THE MARKET NEED

Question 1

• business or marketing statement that summarizes why a consumer should buy a company’s product or use its service

Answer 1

Value Proposition (VP)

Question 2

• used to convince a customer to purchase a particular product or service to add a form of value to their lives

Answer 2

Value Proposition (VP)

Question 3

• how you sell your product or services to your customers
• you will address the wants and desires of your customers

Answer 3

Unique Selling Proposition (USP)

Question 4

• a sage in market identification process that aims to determine the buyers with common needs

Answer 4

Target Market

Question 5

• the total market is divided according to geographical location.
  a. Climate
  b. Dominant ethnic group
  c. Culture
  d. Density (either rural or urban)

Answer 5

Geographic segmentation

Question 6

• divided based consumers.
  a. Gender
  b. Age
  c. Income
  d. Occupation
  e. Education
  f. Religion
  g. Ethnic group
  h. Family size

Answer 6

Demographic segmentation

Question 7

• divided in terms for customers think and believe.
  a. Needs and wants
  b. Attitudes
  c. Social class
  d. Personality traits
  e. Knowledge and awareness
  f. Brand concept
  g. Lifestyle

Answer 7

Psychological segmentation

Question 8

• divided according to customers behavior pattern as they interact with a company.
  a. Perceptions
  b. Knowledge
  c. Reaction
  d. Benefits
  e. Loyalty
  f. Responses

Answer 8

Behavioral segmentation

Question 9

• are the specific characteristics that the customers need from a product or a service.

Answer 9

Customer Requirements

Question 10

• intangible thing or product that is not able to be touched but customer can feel the fulfillment
• includes all aspects of how a customer expect to be treated while purchasing a product and how easy the buying process goes

Answer 10

Service Requirement

Question 11

• tangible thing or things that can be seen.
• Characteristic specifications that a consumer expects to be fulfilled in the product

Answer 11

Output Requirement

Question 12

• the approximate number of sellers and buyers in a particular market

Answer 12

Market Size

Question 13

_______ step is to estimate the potential market.

Answer 13

First

Question 14

_______ step is to estimate the customers who probably dislike buying your product or avail the services.

Answer 14

Second

Question 15

________ step is for the entrepreneur to estimate the market share, that means plotting and calculating of the competitor’s market share to determine the portion of the new venture.

Answer 15

Third