A process for preparing a mixture of lower hydrocarbons, comprising introducing a feedstream into a reactor, the feedstream comprising hydrogen gas and carbon monoxide gas, such that the volumetric ratio of hydrogen to carbon monoxide ranges from greater than 0.5:1 to less than 3:1; and contacting the feedstream and a bifunctional catalyst in the reactor, the bifunctional catalyst having not been reduced prior to the contacting, the bifunctional catalyst comprising as components chromium oxide/zinc oxide mixed metal oxides and a SAPO-34 silicoaluminophosphate molecular sieve; under reaction conditions sufficient to form a product mixture, the reaction conditions comprising (a) a reactor temperature ranging from greater than 300 degrees Celsius to less than 450 degrees Celsius; (b) a pressure ranging from greater than 0.2 megapascal to less than 5.0 megapascals; the product mixture comprising, as calculated on a hydrogen-free, carbon monoxide-free, and carbon dioxide-free basis, (c) a combined ethylene and propylene content greater than 30 percent by weight; (d) a combined ethane and propane content less than 50 weight percent; (e) a methane content less than 15 weight percent; (f) a combined saturated and unsaturated C4 and higher hydrocarbon content less than 20 weight percent; and (g) an oxygenates content less than 5 weight percent; each weight percentage being based upon total product mixture weight and, when taken together, equaling 100 weight percent. introducing a feedstream into a reactor, the feedstream comprising hydrogen gas and carbon monoxide gas, such that the volumetric ratio of hydrogen to carbon monoxide ranges from greater than 0.5:1 to less than 3:1; and contacting the feedstream and a bifunctional catalyst in the reactor, the bifunctional catalyst having not been reduced prior to the contacting, the bifunctional catalyst comprising as components chromium oxide/zinc oxide mixed metal oxides and a SAPO-34 silicoaluminophosphate molecular sieve; under reaction conditions sufficient to form a product mixture, the reaction conditions comprising (a) a reactor temperature ranging from greater than 300 degrees Celsius to less than 450 degrees Celsius; (b) a pressure ranging from greater than 0.2 megapascal to less than 5.0 megapascals; the product mixture comprising, as calculated on a hydrogen-free, carbon monoxide-free, and carbon dioxide-free basis, (c) a combined ethylene and propylene content greater than 30 percent by weight; (d) a combined ethane and propane content less than 50 weight percent; (e) a methane content less than 15 weight percent; (f) a combined saturated and unsaturated C4 and higher hydrocarbon content less than 20 weight percent; and (g) an oxygenates content less than 5 weight percent; each weight percentage being based upon total product mixture weight and, when taken together, equaling 100 weight percent. chromium oxide/zinc oxide mixed metal oxides and a SAPO-34 silicoaluminophosphate molecular sieve; under reaction conditions sufficient to form a product mixture, the reaction conditions comprising (a) a reactor temperature ranging from greater than 300 degrees Celsius to less than 450 degrees Celsius; (b) a pressure ranging from greater than 0.2 megapascal to less than 5.0 megapascals; the product mixture comprising, as calculated on a hydrogen-free, carbon monoxide-free, and carbon dioxide-free basis, (c) a combined ethylene and propylene content greater than 30 percent by weight; (d) a combined ethane and propane content less than 50 weight percent; (e) a methane content less than 15 weight percent; (f) a combined saturated and unsaturated C4 and higher hydrocarbon content less than 20 weight percent; and (g) an oxygenates content less than 5 weight percent; each weight percentage being based upon total product mixture weight and, when taken together, equaling 100 weight percent. (a) a reactor temperature ranging from greater than 300 degrees Celsius to less than 450 degrees Celsius; (b) a pressure ranging from greater than 0.2 megapascal to less than 5.0 megapascals; (c) a combined ethylene and propylene content greater than 30 percent by weight; (d) a combined ethane and propane content less than 50 weight percent; (e) a methane content less than 15 weight percent; (f) a combined saturated and unsaturated C4 and higher hydrocarbon content less than 20 weight percent; and (g) an oxygenates content less than 5 weight percent;