Rashid Wong

S12-G

1. an article or substance that is manufactured or refined for sale.

2. the value that is put to a product or service and is the result of a complex set of calculations,
research and understanding and risk taking ability
3. a marketing tool, used as a strategy to communicate between the sellers and buyers.
4. any location that you use to deliver your business, or that a customer comes into contact with
your business.
5. A person who undertakes the risk of starting a new business venture is called an entrepreneur.
6. the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to
follow to set up an enterprise.
7. all existing and potential features customers see when engaging with your business. Physical
evidence: is the tangible proof that establishes credibility. includes the look and feel of your
business branding.

1. False The marketing mix, as its name suggests, is a collection of tactical marketing strategies that
a business might use to achieve certain marketing goals within a given market.
2. False The marketing mix can be used to discover potential customers and help in defining their
wants and preferences in order to select the target market; however, the marketing mix is not a
method that can be utilized precisely in order to do so.
3. True
4. False Although the cost of manufacturing a product may be crucial to the company's success, it
should not be the sole consideration. A high-quality product that satisfies the demands and
preferences of the target market is another requirement for the entrepreneur.
5. False Cost of the product is undoubtedly a crucial issue, but it is not the only one an entrepreneur
should make. Additionally, the business owner must make sure that the product meets the needs
of the intended market and is of a high caliber.
6. True
7. False There are many more promotional techniques available for you to pick from in addition to
advertising, which is an efficient promotional tool for launching a new product.
8. True
9. True
10. False For many items, the packaging is a crucial factor to take into mind, but an entrepreneur
shouldn't just concentrate on the package's quality and how they select the materials to be
utilized. An entrepreneur should concentrate on the product's perceived overall quality.