Robelyn A.

Casipe HUMSS 12-A

4th Grading Exam

May 28, 2021

I. Enumeration. List down the answers (20 points)

 
1. Seven basic questions that the entrepreneur must ask in preparation for any major market
research. (7 POINTS)
 Why
 What
 Which
 Who
 When
 Where
 How
2. The 7Ps of Marketing Mix (7 POINTS)
 Product
 Positioning
 People
 Price
 Packaging
 Place
 Promotion

3. Give at least 6 business objectives of the enterprise that should set the prices of its
products or services. (6 POINTS)
 Revenue maximization
 Cost recovery
 Subsidy Pacing
 Profit Maximization
 Marginal pricing
 Market share maximization
4. What are the types of organizations? (4 POINTS)
 Sole Proprietorship
 Partnership
 Corporation
 Cooperative
 II.  Identification (10 points)

1. The process of gathering, analyzing and interpreting information about a market, a

product or service to be offered, the trends, segments, location, the industry as a whole, and the
particular competitors that the entrepreneur faces.
Market Research
2. Defines where the product (item or service) stands, with others offering similar products
and services in the marketplace as well as the mind of the consumer.
Positioning
3. This is more preferable if an entrepreneur wants to deal in commodities such as rice,
bread, and water as these appeals to broader markets than segments.
Market Aggregation
4. This is the act of designing and creating the container and wrapper for the product.
Packaging
5. This refers to grouping customers and products according to certain market variables.
Market Mapping
6. Defines the company’s business, its objectives, and its approach to reach those
objectives.
Mission Statement
7. This is a tangible good or the intangible service that the enterprise offers to its customers
to satisfy their needs and produce their expected results.
Product
8. This happens when a  business sells a  product at a  price that covers its manufacturing
costs but not its overhead.
Marginal Pricing
9. It is the art of starting a business, basically a startup company offering creative products,
processes, or services.
Entrepreneurship
10. A creator or a designer who designs new ideas and business processes according to the
market requirements and his/her own passion.
Entrepreneur
 I. ESSAY ( 20 POINTS) 

1. Why is it important to conduct market analysis? (10 POINTS)

Marketing analysis is the practice of monitoring and analysing market
developments. In short, the process of this research is aimed at establishing acceptability of
products or services within a defined market and how the product can be sold. Consumer
behavior is also examined in marketing analysis in order to determine their purchasing
patterns.
A successful product or service launch is the result of extensive market analysis. It
helps in formulating a strategy that will appeal to the customers' needs. Market analysis is
a technique used to gather the details of an ideal customer. It can help you in identifying
the various factors that will affect their buying behavior and help you formulate effective
marketing strategies. It is the most important tool to evaluate your competitors. It helps in
uncovering the hidden weaknesses of your competitors and also helps in developing
strategies to gain an advantage in the market. Before you jump into the marketing of your
product, make sure that it is thoroughly tested before it is introduced. Market analysis will
help you plan the most appropriate strategy to market it successfully.
2. Why is market research important? (10 POINTS)
Market research may be quite beneficial to your marketing plan because it provides
crucial insights and information to the company. It can help you learn more about your
customers and competition. Research will help you figure out who is buying your product
or service, who isn't, what inspires them, and whether or not they are loyal to your brand,
all of which will lead to improved sales over time. Similarly, understanding the larger
market environment might aid in the discovery of new business prospects. It's critical to
keep researching and understanding how to improve your offering in response to shifting
consumer preferences or market dynamics as the market evolves.
It's important to keep researching and understanding how to improve your offering
in response to shifting consumer preferences or market dynamics as the market evolves.
Having a consistent stream of revenue and clients is the best method to ensure that your
business continues for longer. You'll need market research to accomplish so. Market
research will allow you to check in with your present and potential clients on a regular
basis to ensure that you're still serving their needs. Your market research can assist you
make sure that your message reaches your target audience through the channels where
they're most likely to see it.