1ST LONG QUIZ IN ENTREPRENEURSHIP C.

Competitive advantage
TVL 12 D. Price point

Name: _____________________________ Score: _______ 6. What is an interview?

A. A group discussion
I. Multiple-Choice B. A one-on-one conversation between the researcher and the
Direction: Read each question and all the answer choices carefully. participant
Encircle the answer that you believe is the best response to C. An observation of people, behaviors, or events
the question. D. A popular method of data collection that involves asking people a
series of questions.
1. Which of the following statements best describes a value
proposition? 7. Which method is useful for exploring shared attitudes, opinions, or
A. It describes the unique features of a product or service. experiences?
B. It outlines the benefits that a product or service offers to A. Interview
customers. B. Focus group discussion
C. It defines the pricing strategy of a product or service. C. Observation
D. It outlines the target market for a product or service. D. Traditional and online survey

2. Which of the following statements best describes a unique selling 8. What is observation?
proposition? A. A group discussion
A. It is a statement that describes the features of a product or B. A one-on-one conversation between the researcher and the
service. participant
B. It outlines the benefits that a product or service offers to C. An observation of people, behaviors, or events
customers. D. A popular method of data collection that involves asking people a
C. It defines the pricing strategy of a product or service. series of questions
D. It highlights the competitive advantage of a product or service.
9. Which method is useful for gathering in-depth information about a
3. Which of the following is an example of a value proposition? person's experiences, beliefs, or opinions?
A. Our product is made of high-quality materials. A. Interview
B. Our service is available 24/7. B. Focus group discussion
C. Our product helps you save money and time. C. Observation
D. Our service is the cheapest in the market. D. Traditional and online survey

4. Which of the following is an example of a unique selling proposition?
A. Our product is made of high-quality materials.
B. Our service is available 24/7.
C. Our product helps you save money and time.
D. Our service is the only one that offers a lifetime warranty.
5. Which of the following is NOT a key component of a value
proposition?
A. Target market
B. Unique features
10. What are traditional and online surveys?
A. A group discussion
B. A one-on-one conversation between the researcher and the
participant
C. An observation of people, behaviors, or events
D. A popular method of data collection that involves asking people a
series of questions
11. What is market segmentation? II. Identification
A. The process of creating a unique selling proposition for a product Direction: Identify what is being asked in the following sentences.
B. The process of dividing a larger market into smaller groups of __________________ 1. It refers to benchmarking prices with the
consumers with similar needs or characteristics competitors.
C. The process of positioning a product in a specific market __________________ 2. It is any physical good, service or idea that is
segment created
D. The process of identifying the best marketing channels for a by an entrepreneur or an innovator in serving the needs of
product the customers and addressing their existing problems.
__________________ 3. It is getting into the details of what the
12. Which of the following is NOT a common basis for market organizational
segmentation? goals and how to attain them.
A. Geographic __________________ 4. This is a type of communication that influences the
B. Demographic behavior of a customer to choose the product or service of
C. Psychographic the entrepreneur over the competitors.
D. Seasonal __________________ 5. Typically refers to color, size and other variations of
a single product.
13. Which type of market segmentation is based on personality traits,
values, and attitudes? III. Enumeration
A. Geographic Direction: List down or enumerate what are being asked on each of the
B. Demographic following item.
C. Psychographic 1. Things to consider during a product viability analysis (1-8)
D. Behavioral 2. Promotion tools (9-12)
3. Give at least three things to consider in profitability analysis (13-15)
14. What is the purpose of market segmentation?
A. To create a one-size-fits-all marketing approach
B. To identify opportunities for product differentiation
C. To maximize the potential of a product in the marketplace
D. To minimize the number of customers a business targets

15. What is a target market?

A. The entire market that a business is trying to reach
B. A smaller group of consumers within a larger market who are
most likely to buy a product
C. A product's unique selling proposition
D. The marketing channels that a business uses to reach its
customers
Answer Key
1. B
2. D
3. C
4. D
5. D
6. B
7. B
8. C
9. A
10. D
11. B
12. D
13. C
14. C
15. B