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Entrepreneur: Unit 2
Unit 2 Review for Entrepreneurship
| Question | Answer |
|---|---|
| What describes the actual or potential purchasers of a product or service? | consumers |
| What is a process that successful business ventures utilize to conceptualize new products? | design-thinking method |
| What provides consumers with a summarized argument for purchasing a particular product or service? | value proposition |
| What is the term commonly used to describe a subset of the population that is expected to purchase a specific product or service? | target market |
| What tool do companies conducting market research use to gather data on consumers by asking relevant questions of a target market? | consumer profile |
| What term refers to the unique aspects of a product or service that often influence purchasing preferences? | product features |
| What principle of the design-thinking method is best undertaken by a group as opposed to an individual? | brainstorming |
| What is the difference between a target market and a sampling group? | Sampling groups are meant to be representative of target markets. |
| A sample consumer profile includes Gender, Age, Race, and Address as characteristics. What can be said about this profile? | It lacks psychographic data. |
| When asked what soda they’d like to purchase, a consumer said that they will purchase whichever is cheapest. What is the consumer revealing? | a buyer purchasing preference |
| A company adjusts a product or service after the success of a competitor’s similar product or service. That adjustment was made in response to what? | consumer demand |
| True or False: A person’s gender is an example of psychographic information. | False |
| Estée Lauder provided free cosmetic gifts to those interested in buying her products. This was a solution to which of the following problems Estee Lauder faced as a young company? | advertising budget |
| Utilizing the design-thinking method, which activity should occur first? | defining a problem to be solved |
| True or False: Estée Lauder’s use of providing free samples and gifts to buyers and potential buyers was an example of a business owner setting a marketplace trend. | True |
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