KSB 1.0 - Exam 2 With Correct
Answers In Details
T for fF. fBusinesses fin fthe fsame findustry fdon't fgenerally fcompete fwith feach fother f-
fCORRECT✅✅False
A f_____ fbusiness foffers fsuch fproducts fas fhaircuts for ftaxi frides. f-
fCORRECT✅✅Service fProducing
The fmajority fof fproduct fideas fcome ffrom fentrepreneurs fand fsmall fbusiness fowners f-
fCORRECT✅✅True
Physical f- fCORRECT✅✅Goods fthat fyou fcan fsee fand ftouch, fcalled f"tangible"
Define f"product." f- fCORRECT✅✅Something fthat fcan fbe fmarketed fto fcustomers
fbecause fit fprovides fa fbenefit fand fsatisfies fa fneed.
new-to-the-company fproduct f- fCORRECT✅✅a fgood for fa fservice fthat fis fnew fto fthe
fcompany fbut fhas fbeen fsold fby fa fcompetitor fin fthe fpast—for fexample, fPeeps
fmarshmallow fEaster fdecorating fkits
improvement fin fan fexisting fproduct f- fCORRECT✅✅an fenhancement fof fa fproduct
falready fon fthe fmarket
extension fto fan fexisting fproduct fline f- fCORRECT✅✅a fnew fproduct fdeveloped fas fa
fvariation fof fan falready fexisting fproduct—for fexample, fPeeps fchocolate feggs
new-to-the-market fproduct f- fCORRECT✅✅a fgood for fa fservice fthat fhas fnot fbeen
favailable fto fconsumers for fmanufacturers fin fthe fpast
Four fcharacteristics fof fthe fentrepreneurial fstart-up fare f- fCORRECT✅✅It's
fcharacterized fby finnovative fproducts fand/or fpractices.
Its fgoals finclude fprofitability fand fgrowth.
It ffocuses fon fnew fopportunities.
Its fowners fare fwilling fto ftake frisks.
four ftypes fof futility fprovided fby fa fproduct f- fCORRECT✅✅time, fplace, fownership,
fand fform
Define findustry f- fCORRECT✅✅Group fof fbusinesses fthat fcompete fwith fone fanother
fto fmarket fproducts fthat fare fthe fsame for fsimilar
, Define fMarket f- fCORRECT✅✅Group fof fbuyers for fpotential fbuyers fwho fshare fa
fcommon fneed fthat fcan fbe fmet fby fa fcertain fproduct.
Define fMarket fSegments f- fCORRECT✅✅Group fof fpotential fcustomers fwith
fcommon fcharacteristics fthat finfluence ftheir fbuying fdecisions.
Define fNiche f- fCORRECT✅✅Narrowly fdefined fgroup fof fpotential fcustomers fwith fa
ffairly fspecific fset fof fneeds.
Define fMarket fSharee f- fCORRECT✅✅Company's fportion fof fthe fmarket fthat fit fhas
ftargeted.
Define fbreakeven fanalysis f- fCORRECT✅✅Method fof fdetermining fthe flevel fof fsales
fat fwhich fthe fcompany fwill fbreak feven f(have fno fprofit for floss).
Define fFixed fCosts f- fCORRECT✅✅Costs fthat fdon't fchange fwhen fthe famount fof
fgoods fsold fchanges.
Define fVariable fCosts f- fCORRECT✅✅Costs fthat fvary, fin ftotal, fas fthe fquantity fof
fgoods fsold fchanges fbut fstay fconstant fon fa fper-unit fbasis.
Define fContribution fMargin fPer fUnit f- fCORRECT✅✅Excess fof frevenue fper funit
fover fvariable fcost fper funit.
What fis fthe ffirst fstep fin fmarketing? f- fCORRECT✅✅Selecting fa ftarget fmarket
_________ fsegmentation fis fthe fprocess fof fclassifying fconsumers fon fthe fbasis fof
findividual flifestyles fas freflected fin fpeople's finterests, factivities, fattitudes, fand fvalues.
f- fCORRECT✅✅Psychographic
Define fMarketing f- fCORRECT✅✅Marketing fis fthe factivity, fset fof finstitutions, fand
fprocesses ffor fcreating, fcommunicating, fdelivering, fand fexchanging fofferings fthat
fhave fvalue ffor fcustomers, fclients, fpartners, fand fsociety fat flarge.
Define fMarketing fConcept f- fCORRECT✅✅Basic fphilosophy fof fsatisfying fcustomer
fneeds fwhile fmeeting forganizational fgoals.
Define fTarget fMarket f- fCORRECT✅✅Specific fgroup fof fcustomers fwho fshould fbe
finterested fin fyour fproduct, fhave faccess fto fit, fand fhave fthe fmeans fto fbuy fit.
Define fConsumer fMarket f- fCORRECT✅✅Buyers fwho fwant fa fproduct ffor fpersonal
fuse.
Define fIndustrial fMarket f- fCORRECT✅✅Buyers fwho fwant fa fproduct ffor fuse fin
fmaking fother fproducts.
Answers In Details
T for fF. fBusinesses fin fthe fsame findustry fdon't fgenerally fcompete fwith feach fother f-
fCORRECT✅✅False
A f_____ fbusiness foffers fsuch fproducts fas fhaircuts for ftaxi frides. f-
fCORRECT✅✅Service fProducing
The fmajority fof fproduct fideas fcome ffrom fentrepreneurs fand fsmall fbusiness fowners f-
fCORRECT✅✅True
Physical f- fCORRECT✅✅Goods fthat fyou fcan fsee fand ftouch, fcalled f"tangible"
Define f"product." f- fCORRECT✅✅Something fthat fcan fbe fmarketed fto fcustomers
fbecause fit fprovides fa fbenefit fand fsatisfies fa fneed.
new-to-the-company fproduct f- fCORRECT✅✅a fgood for fa fservice fthat fis fnew fto fthe
fcompany fbut fhas fbeen fsold fby fa fcompetitor fin fthe fpast—for fexample, fPeeps
fmarshmallow fEaster fdecorating fkits
improvement fin fan fexisting fproduct f- fCORRECT✅✅an fenhancement fof fa fproduct
falready fon fthe fmarket
extension fto fan fexisting fproduct fline f- fCORRECT✅✅a fnew fproduct fdeveloped fas fa
fvariation fof fan falready fexisting fproduct—for fexample, fPeeps fchocolate feggs
new-to-the-market fproduct f- fCORRECT✅✅a fgood for fa fservice fthat fhas fnot fbeen
favailable fto fconsumers for fmanufacturers fin fthe fpast
Four fcharacteristics fof fthe fentrepreneurial fstart-up fare f- fCORRECT✅✅It's
fcharacterized fby finnovative fproducts fand/or fpractices.
Its fgoals finclude fprofitability fand fgrowth.
It ffocuses fon fnew fopportunities.
Its fowners fare fwilling fto ftake frisks.
four ftypes fof futility fprovided fby fa fproduct f- fCORRECT✅✅time, fplace, fownership,
fand fform
Define findustry f- fCORRECT✅✅Group fof fbusinesses fthat fcompete fwith fone fanother
fto fmarket fproducts fthat fare fthe fsame for fsimilar
, Define fMarket f- fCORRECT✅✅Group fof fbuyers for fpotential fbuyers fwho fshare fa
fcommon fneed fthat fcan fbe fmet fby fa fcertain fproduct.
Define fMarket fSegments f- fCORRECT✅✅Group fof fpotential fcustomers fwith
fcommon fcharacteristics fthat finfluence ftheir fbuying fdecisions.
Define fNiche f- fCORRECT✅✅Narrowly fdefined fgroup fof fpotential fcustomers fwith fa
ffairly fspecific fset fof fneeds.
Define fMarket fSharee f- fCORRECT✅✅Company's fportion fof fthe fmarket fthat fit fhas
ftargeted.
Define fbreakeven fanalysis f- fCORRECT✅✅Method fof fdetermining fthe flevel fof fsales
fat fwhich fthe fcompany fwill fbreak feven f(have fno fprofit for floss).
Define fFixed fCosts f- fCORRECT✅✅Costs fthat fdon't fchange fwhen fthe famount fof
fgoods fsold fchanges.
Define fVariable fCosts f- fCORRECT✅✅Costs fthat fvary, fin ftotal, fas fthe fquantity fof
fgoods fsold fchanges fbut fstay fconstant fon fa fper-unit fbasis.
Define fContribution fMargin fPer fUnit f- fCORRECT✅✅Excess fof frevenue fper funit
fover fvariable fcost fper funit.
What fis fthe ffirst fstep fin fmarketing? f- fCORRECT✅✅Selecting fa ftarget fmarket
_________ fsegmentation fis fthe fprocess fof fclassifying fconsumers fon fthe fbasis fof
findividual flifestyles fas freflected fin fpeople's finterests, factivities, fattitudes, fand fvalues.
f- fCORRECT✅✅Psychographic
Define fMarketing f- fCORRECT✅✅Marketing fis fthe factivity, fset fof finstitutions, fand
fprocesses ffor fcreating, fcommunicating, fdelivering, fand fexchanging fofferings fthat
fhave fvalue ffor fcustomers, fclients, fpartners, fand fsociety fat flarge.
Define fMarketing fConcept f- fCORRECT✅✅Basic fphilosophy fof fsatisfying fcustomer
fneeds fwhile fmeeting forganizational fgoals.
Define fTarget fMarket f- fCORRECT✅✅Specific fgroup fof fcustomers fwho fshould fbe
finterested fin fyour fproduct, fhave faccess fto fit, fand fhave fthe fmeans fto fbuy fit.
Define fConsumer fMarket f- fCORRECT✅✅Buyers fwho fwant fa fproduct ffor fpersonal
fuse.
Define fIndustrial fMarket f- fCORRECT✅✅Buyers fwho fwant fa fproduct ffor fuse fin
fmaking fother fproducts.
