LESSON 5

Question 1

is crucial for
entrepreneurs since without a
customer market, no company
can grow and thrive.

Answer 1

Marketing

Question 2

“The practice of acquiring &
sustaining customers.”

Answer 2

heart of MARKETING

Question 3

The indispensable tool that can effectively bring
new product to a consumer, and it generates the
needed financial rewards for the survival and
growth of the new business.

Answer 3

MARKETING

Question 4

Knowing & analyzing
what the best market is.

Answer 4

MARKET
STRATEGY

Question 5

Knowing what product
best meets the needs of
the target market.

Answer 5

PRODUCT
STRATEGY

Question 6

Knowing what
approaches can give
the product or business
and influential
competitive edge

Answer 6

COMPETITIVE
STRATEGY

Question 7

Identifying the target market
through the process of MARKET
SEGMENTATION.

Answer 7

MARKET
STRATEGY

Question 8

MARKET
SEGMENTATION.

Answer 8

○ Demographic
○ Geographic
○ Behavioral
○ Psychographic

Question 9

Identifying customer needs and then
shape your line of products or services
accordingly.

Answer 9

PRODUCT STRATEGY

Question 10

Knowing what approaches can give the
product or business an influential
competitive edge

Answer 10

COMPETITIVE STRATEGY

Question 11

Create a business image that lets you
position your business as a natural magnet
for your intended customers.

Answer 11

COMPETITIVE STRATEGY

Question 12

process of
copying what other direct competitors
do

Answer 12

Meeting the Competition

Question 13

creating some
advantage

Answer 13

Beating the Competition

Question 14

selecting
new tactics capitalizing on competitor’s
weakness

Answer 14

Countering the Competition

Question 15

In order to develop the
marketing strategy, an
entrepreneur needs facts, and
this will be through a?

Answer 15

Marketing research.

Question 16

One of the vital areas for market
research. This Demographic & economic
consumption of a particular
individual.

Answer 16

STATISTICAL RESEARCH

Question 17

Data about census, daily
consumption of individuals,
employment & expenditure, &
average income.

Answer 17

STATISTICAL RESEARCH

Question 18

More meaningful than
statistical research. Most effective way to identify
the needs & wants of specific
people or area

Answer 18

SURVEY RESEARCH

Question 19

Interviews, mail surveys,
telephone surveys, and
demonstration centers.

Answer 19

SURVEY RESEARCH

Question 20

Positive tangible & intangible
attributes, internal to an
organization

Answer 20

STRENGTH

Question 21

Factors that are within an
organization’s control that
detract from its ability to
attain the desired goal.

Answer 21

WEAKNESS

Question 22

External attractive factors
that represent the reason for
an organization to exist &
develop

Answer 22

OPPORTUNITIES

Question 23

External factors beyond an
organization’s control, which
could place the organization
mission or operation at risk.

Answer 23

THREATS

Question 24

Give at least 7 PRICING INFLUENCES

Answer 24

TRADE LAWS
NATIONALLY ADVERTISED
PRICES
DESIRED CUSTOMER CLIENTELE
COMPETITOR PRICE POLICIES
MARKET STRATEGY
PRICING INFLUENCES
TRADE LAWS
TYPE OF MERCHANDISE
HANDLED
SEASONAL NATURE OF SALES
DEMAND FACTOR OF CERTAIN
PRODUCTS
PRICE LINING
MANUFACTURER’S SUGGESTED
PRICES

Question 25

REPRESENTS THE DIFFERENCE BETWEEN WHAT IS PAID FOR THE MERCHANDISE AND THE PRICE AT WHICH IT IS SOLD TO THE CUSTOMER.

Answer 25

MARK-UP

Question 26

IT MUST COVER ALL THESE ITEMS: OPERATING EXPENSES, SHORTAGES, DAMAGED MERCHANDISE, MARKDOWNS, EMPLOYEE DISCOUNTS, AND PROFITS.

Answer 26

MARK-UP

Question 27

Ways by which tourism businesses offer products and services at the “right” price.

Answer 27

PRICING STRATEGIES

Question 28

NEW PRODUCT PRICING

Answer 28

* Prestige Pricing * Market Skimming Pricing * Penetration Pricing

Question 29

It is used when the product or service is positioned to be luxurious or elegant.

Answer 29

PRESTIGE PRICING

Question 30

A pricing approach where a marketer sets a relatively high price for a product or service, and then gradually lowers it

Answer 30

MARKET SKIMMING PRICING

Question 31

Pricing strategy that involves setting a low initial entry price, often lower than the eventual market price, in order to attract new customers.

Answer 31

PENETRATION PRICING

Question 32

STRATEGY USED TO ATTRACT BUYERS TO PURCHASE BECAUSE OF THE REDUCED RATE OF THE BUNDLE COMPARED TO THE TOTAL COST OF THE ITEM IF PURCHASED INDIVIDUALLY.

Answer 32

PRICING FOR PRODUCT BUNDLES

Question 33

Rates given to frequent or high-volume users to attract them to purchase the products.

Answer 33

VOLUME DISCOUNTS

Question 34

This strategy addresses the seasonality aspect of the tourism product. A price reduction is given to buyers who purchase services out of season when demand is lower

Answer 34

DISCOUNT BASED ON TIME OF PURCHASE

Question 35

This occurs when identical items or services are purchased from the same source at different prices.

Answer 35

DISCRIMINATORY PRICING

Question 36

Marketing practice based on the theory that specific prices have a psychological impact. Prices are often expressed as “odd prices”.

Answer 36

PSYCHOLOGICAL PRICING

Question 37

Offers discounts and short-term incentives, especially during the introductory stage of the product or during particular activities such as anniversaries and festivals

Answer 37

PROMOTIONAL PRICING

Question 38

CAN HELP CUSTOMERS BREAK OUT OF A RUT BY MOTIVATING THEM TO TAKE ACTION.

Answer 38

PROMOTIONS

Question 39

Offers a trial amount of a product.

Answer 39

SAMPLES

Question 40

Certificates that offers buyers savings when they purchase specific products. It is used to stimulate sales of mature products and promote the trial of a new product

Answer 40

COUPONS

Question 41

This involves putting together a set of complementing products to develop one bundle at a special price.

Answer 41

PACKAGES

Question 42

Goods offered either for free or at a low cost to incentivize consumers to buy a product

Answer 42

PREMIUMS

Question 43

These are bonuses in cash or items of value that can be redeemed on regular purchases made. These create more frequency of purchase, positive word of mouth, and possibly larger sales.

Answer 43

PATRONAGE REWARDS

Question 44

Includes display and promotions that take place at the point of sale.

Answer 44

POINT OF PURCHASE PROMOTION

Question 45

Gives consumers a chance to win something like a trip, items, or cash upon purchasing products and services

Answer 45

CONTEST AND GAMES

Question 46

Aims to develop long-term customers. should be designed to inform, persuade, and remind them about entrepreneurial business and what it offers

Answer 46

ADVERTISING

Question 47

Defined as the person- to-person communication between a salesperson and a prospective customer in which the needs are met in exchange for money or resources.

Answer 47

PERSONAL SELLING

Question 48

done by doing sales calls or visits to different business categories to generate business

Answer 48

COLD CALLS

Question 49

carried out by a group of salesperson who conduct a large number of company visits over a short period to target a specific category.

Answer 49

SALES BLITZ

Question 50

STEPS OF THE SALES PROCESS

Answer 50

PROSPECTING & QUALIFYING PROSPECTS PRE-APPROACH APPROACH PRESENTATION & DEMONSTRATION NEGOTIATION & OVERCOMING OBJECTIVES CLOSING THE SALE FOLLOW-UP /MAINTENANCE

Question 51

The selection of a general area to locate primarily depends on the economic activity, population, competition, and how you view the area as a place to live.

Answer 51

Site evaluation and Identification

Question 52

Legal contract between two parties.

Answer 52

Rental Agreement

Question 53

refers to the length of time you may occupy the premises

Answer 53

Terms of lease

Question 54

various restrictions indicated in the rental agreement which the lessor must follow.

Answer 54

Lease restrictions