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3. Which one of the following marketing strategies is not the core element for the existence of Entrepreneurs? A. Product B. Price C. Promotion D. Trade mark Which one of the following statements does not reflect the contribution of entrepreneurs to the society? A. Employment B. Independence 5. The ultimate goal of marketing in small business context is A Facilitating effective exchange B. Facilitating money generation C. Balanced development D. Equitable distribution of wealth C. Facilitating construction D. Facilitate globalization 6. The stage of new product development at which product prototype or sample may be developed is A. Product development C. Commercialization B. Market testing D. Equitable distribution of wealth 7. An entrepreneur's belief that his destiny is within his control and external forces will have little influence is demonstrated by one of the following characteristics A. Risk taking Internal locus of control B. Hard working D External locus of control 8. Which one of the following statements is incorrect about entrepreneur? A. Who has the ability to see and evaluate business opportunities B. Who has the ability to gather the necessary resources, to take advantage of opportunities C. Who has the ability to take risk and initiate appropriate action to ensure success D. None of the above 9. The marketing strategy that adds place and time utility is A. Product development C Pricing B. Distribution D. Promotion 10 The first step in developing a written business plan is A. Location selection B. Financial statement preparation 11. Which of the following statement is/are not a success factor for small business? A. Effective and efficient management B. Proper location, layout and size 12. From the core concepts of marketing, customer ability and willingness to buy can be represented A Need X B. Demand C. Identifying and evaluating a business idea D. All of the above C. Adequate finance D. Ambiguous objectives C Want D. Transaction & commence sites such as Amazon & Endless. Page 3.​

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Answer 1

The answers to the given questions are 3) D. Trademark. 4) B. Independence. 5) A. Facilitating effective exchange. 6) B. Market testing. 7) A. Risk-taking. 8) D. None of the above. 9) B. Distribution. 10) C. Identifying and evaluating a business idea. 11) D. All of the above. 12) B. Demand.

The answer to question 3 is D. Trademark. While a trademark is an important aspect of protecting a business's brand identity, it is not a core element for the existence of entrepreneurs.The answer to question 4 is B. Independence. Entrepreneurs contribute to society by creating jobs, driving innovation, and generating economic growth. Independence is a personal benefit for the entrepreneur, but it is not a contribution to society.The answer to question 5 is A. Facilitating effective exchange. The ultimate goal of marketing in a small business context is to facilitate effective exchange between the business and its customers. This involves creating value for the customer through the products or services offered and generating revenue for the business in return.The answer to question 6 is B. Market testing. The stage of new product development at which a product prototype or sample may be developed is during market testing. This involves testing the product with a small group of potential customers to gather feedback and make necessary adjustments before launching the product to the broader market.The answer to question 7 is A. Risk-taking. An entrepreneur's belief that their destiny is within their control and external forces will have little influence is demonstrated by their willingness to take risks. This internal locus of control is an important characteristic of successful entrepreneurs.The answer to question 8 is D. None of the above. All of the statements are correct about entrepreneurs. They have the ability to see and evaluate business opportunities, gather necessary resources, take risks, and initiate appropriate action to ensure success.The answer to question 9 is B. Distribution. The marketing strategy that adds place and time utility is distribution. This involves getting the product to the right place at the right time to meet customer demand.The answer to question 10 is C. Identifying and evaluating a business idea. The first step in developing a written business plan is identifying and evaluating a business idea. This involves researching the market, understanding the competition, and identifying target customers.The answer to question 11 is D. All of the above. Effective and efficient management, proper location, layout, and size, adequate finance, and clear objectives are all success factors for small businesses.The answer to question 12 is B. Demand. From the core concepts of marketing, customer ability and willingness to buy can be represented by demand. This is the desire for a product or service, coupled with the ability to pay for it.

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