SUMMATIVE TEST IN ENTREPRENEURSHIP

(QUARTER 4: MODULE 5-6)

NAME: DATE:
GRADE&SECTION:

(ANHE RA MAG ANSWER)

I. Multiple Choice: Encircle the letter of the

correct answer.

1. It is the process of considering, evaluating, B. A firm can create the perception that the
and pursuing market based products must have a
activities that are believed to be higher value than competing products
advantageous for the firm. because the prices are
higher.
A. Opportunity seeking C. The company earns more through cross-
B. Opportunity seizing selling products along with
C Opportunity screening a basic core product.
D. Sources of opportunity D. The company will gain market share
because the price charged
2. How can you define your business' for products and services is set artificially low.
purpose?
4. Choose the best statement that applies in
A. Purpose can be defined in two ways: Consumer Goods.
Functional which focuses on
the evaluations of success in terms of A. A buyer of consumer goods must have
immediate and complete knowledge of the
commercial reasons and Intentional which goods he buys and uses.
focuses on success as B. After-sale service is of paramount
it relates to the ability to make money and do importance in the case of all
well in the world. consumer goods.
B. Purpose can be defined in two ways: C. The market for consumer goods is affected
National which focuses on by technological
the evaluations of success within the country changes.
for commercial D. A buyer of consumer goods may not have
reasons and International which focuses on thorough knowledge of
success as it relates the goods he buys and uses.
to other countries to make money and do well
in the world. 5. Which of the following includes the
C. All of the above industry environment of the
D. None of the above business?
A. Competitors C. Creditors
3. What is the advantage of Penetration B. Customers D. All of the above
Pricing?
6. Which of the following refers to the human
A. A firm has three options and these are to workforce involved in the
price lower, price the manufacture of products?
same or price higher than competitors A. Materials
B. Method
C. Machine
D. Manpower
II. Write the word or phrase that is being
7. It simply refers to the raw materials needed described or completes the thought of each
in the production of a product statement.

A. Machine ______________1. It can be intangible or

B. Manpower tangible as it can be in the form of services
C. Materials or goods.
D. Method ______________2. It refers to how a business
creates awareness in the market.
8. It is an entity that supplies goods and ______________3. The ultimate marketing
services to another organization. strategy.
______________4. Where your product or
A. Suppliers service is actually sold.
B. Product description ______________5. A name, symbol, or other
C. Business model feature that distinguishes a seller's
D. Prototype goods or services in the marketplace.
______________6. A powerful and
9. Which of the following refers to the sustainable high-level marketing strategy used
marketing copy that explains what a product to create or influence a brand.
is and why it is worth purchasing? ______________7. The amount of money that
a customer pays for to enjoy it.
A. Prototype C. Business ______________8. It is a set of controllable
Model and interrelated variables composed of
B. Product description D. Suppliers product, place, price and promotions that a
company assembles
10. Which of the following refers to the to satisfy a target group better than its
system of organizations, people, activities, competitor.
information, and resources involved in moving ______________9. The way your product or
a product or service from service appears from the outside.
supplier to customer? ______________10. The place occupied by
products in the heart and minds of the
A. Supply chain consumers.
B. Value chain
C. Business model
D. Prototype

III. ESSAY (5 POINTS EACH)- write your answers in Test III on a 1 whole sheet of paper

1. Why do businesses need marketing?

2. How to satisfy customer’s need?

The only person who shall shape your future, is YOU. Goodluck!