Entrepreneurship In Action Book Trivia Quiz

Explanation
The correct answer is "features" because features refer to the physical characteristics or capabilities of a product or service. This can include specific functionalities, design elements, or unique attributes that differentiate the product or service from others in the market. Features are important for consumers as they provide value and meet their specific needs or preferences.

Explanation
In this scenario, the person is buying a very expensive security system for their home after many homes in their neighborhood have been broken into. This suggests that they are making the purchase based on their emotions, specifically fear and a desire for safety. The decision is not based on rational factors such as cost or practicality, but rather on the emotional need for security. Therefore, the correct answer is emotional buying decision.

Explanation
The person is making a rational buying decision because they are comparing prices and features on the internet before making their purchase. This indicates that they are considering different options and making a logical decision based on their needs and preferences. They are likely taking into account factors such as price, specifications, and reviews to make an informed choice.

Explanation
A coupon is considered a sales promotion because it is a tool used by businesses to encourage customers to make a purchase. By offering a discount or special deal through a coupon, businesses aim to increase sales and attract new customers. Sales promotions like coupons are temporary incentives that create a sense of urgency and encourage immediate action from consumers. Therefore, the correct answer is sales promotion.

Explanation
If you have just purchased a new Maytag refrigerator and were informed that you are entitled to get $50 back from Maytag, it means that you are entitled to a rebate. A rebate is a partial refund or return of money that you receive after making a purchase. In this case, Maytag is offering a $50 rebate, which means that you will receive $50 back from them as a refund for your purchase.

Explanation
Becoming a "Rewards Member" is considered a sales promotion because it encourages customers to engage with a business and make purchases by offering them exclusive benefits and rewards. By becoming a rewards member, customers are incentivized to continue shopping with the business in order to earn and redeem rewards, ultimately increasing sales and customer loyalty. This sales promotion strategy is commonly used by businesses to attract and retain customers.

Explanation
Telemarketing refers to the practice of making sales or promoting products or services over the telephone. It involves directly contacting potential customers and engaging in a conversation to persuade them to make a purchase. However, the given statement suggests that using television for marketing purposes is telemarketing, which is incorrect. Television marketing, also known as TV advertising, involves promoting products or services through commercials or infomercials on television. It does not involve direct telephone contact with customers, making the answer "False" the correct choice.

Explanation
This statement is false because it is crucial for a salesperson to identify a customer's needs and concerns in order to provide them with the highest level of customer service. By understanding their needs and concerns, a salesperson can tailor their approach, offer relevant solutions, and address any potential issues or objections the customer may have. This proactive approach helps to build trust, enhance the customer's experience, and ultimately increase the likelihood of making a sale.

Explanation
Familiarizing the sales team with their own company and its competitors is crucial because it enables them to have a comprehensive understanding of the market. By knowing their own company well, the sales team can effectively communicate its values, strengths, and unique selling points to potential customers. Additionally, being aware of competitors allows the sales team to differentiate their company's offerings and highlight its advantages over rivals. This knowledge empowers the sales team to make informed decisions, address customer concerns, and ultimately increase sales. Therefore, it is important to make the sales team familiar with their own company and its competitors.

Explanation
Entrepreneurs should examine the different options for channels of distribution and choose the one that best meets the needs of their customers as well as their business. This is because the choice of distribution channel can have a significant impact on the success of a business. By understanding their customers' preferences and behavior, entrepreneurs can select the most effective channel to reach and serve their target market. Additionally, considering their own business objectives and resources can help entrepreneurs make a decision that aligns with their overall strategy and maximizes profitability.