Entrepreneurship Marketing and Customer Development

Question 1

What is market segmentation?

Accepted Answer

Dividing a target market into distinct subgroups with similar needs or characteristics

Answer

Setting different prices for the same product

Answer

Splitting a company into multiple subsidiaries

Answer

Assigning sales territories to representatives

Question 2

What does 'customer acquisition cost' (CAC) measure?

Accepted Answer

The total cost of sales and marketing divided by the number of new customers acquired

Answer

The cost of manufacturing one unit of product

Answer

The price a customer pays for a subscription

Answer

The legal cost of acquiring a competitor

Question 3

What is a 'customer persona'?

Accepted Answer

A fictional representation of an ideal customer based on research and data

Answer

A legal alias used for business registration

Answer

A social media profile for a brand

Answer

A loyalty program tier name

Question 4

What is the 'customer journey'?

Accepted Answer

The complete experience a customer has from first awareness through purchase and beyond

Answer

A loyalty reward program that tracks purchases

Answer

The delivery route used to ship products

Answer

A training program for customer service staff

Question 5

What does 'brand positioning' mean?

Accepted Answer

How a brand differentiates itself and occupies a distinct place in the minds of target customers

Answer

Where a business chooses to display its logo

Answer

The physical location of a retail store

Answer

The order in which products appear on a website

Question 6

What is a unique selling proposition (USP)?

Accepted Answer

A clear statement of what makes a product or business different from and better than competitors

Answer

A limited-time discount offered to new customers

Answer

A legal claim filed to protect a product name

Answer

An exclusive distribution contract with a retailer