question

True or false Entrepreneurs estimate damage for their products and services by identifying their target market

answer

True

question

The Customers you would most like to attract are referred to as your _______

answer

Target market

question

True or False Martial status, family size, and age are all important for identifying your target market

answer

True

question

True or False A market segment is made up of people with common characteristics

answer

True

question

A system for collecting, analyzing, and recording information about customers, competitors, goods, and services is ____

answer

Market Research

question

True or false A researcher collects secondary data to help identify and understand the target market

answer

False

question

True or False Observations can also be involved in market research

answer

True

question

An in-depth interview with a group of target customers who provide valuable ideas on products or services is called a ______

answer

Focus group

question

True or False The first step in the market research is to collect the data

answer

False

question

Identifying your _______ Market helps to reach the people you most want to sell to

answer

target

question

The last step in the market research process is ______

answer

Evaluation

question

Market _______ Segments are groups of customers that share common characteristics

answer

Segments

question

Without _______ , Companies cannot remain in business

answer

Customers

question

True or False A small business selling specialty items will likely face indirect competition from a larger retailer

answer

True

question

An opportunity for success exists when a customer need Is being unmet by a _____

answer

Competitor

question

True or False The postal service can provide information about direct competition

answer

False

question

True or false Customer research is considered a type of market research

answer

True

question

True or False Competitors should be analyzed using their price, location, strengths, and weaknesses

answer

True

question

True or false A few customer complaints are not important to your business nor is a better location or better prices then your customer

answer

False

question

_______ Comes from businesses that make of its money from the same product as you

answer

Direct competition

question

Large businesses often drive out smaller businesses by offering higher prices and less jobs

answer

False

question

A _____ is usually led by a moderator who asks questions about buying habits

answer

Focus group

question

A questionnaire or _____ can be read over the phone or mailed to respondents

answer

Survey

question

information collected for the first time by observation or survey is ____ data

answer

Primary

question

Part of understanding your customer is knowing their demographics and _____

answer

Psychographics

question

True or false Collecting market data for research should begin with secondary data

answer

True

question

When you analyze the data the analysis should be in a _____ format so that it can be referred to again later

answer

Written

question

True or false when deigning a survey, questionnaires should never be longer than a page when read over the phone

answer

False

question

A business strategy designed to increase probability and customer satisfaction is a __________

answer

customer relationship managment

question

True or false Touch points are places where a customer might not have contact with a company

answer

False

question

The movement of data between locations in a structured, computer retrievable format is _______________

answer

Electronic Date Transfer

question

True or false The 6th step in the market research is to take action

answer

False

question

True or false Economic trends and industry forecasts help determine the kind of primary data research to preform

answer

True

question

Secondary date is found in _______, on the ________, and in ________

answer

Government publications, Internet, newspapers

question

True or false the data collected in a telephone survey are primary data

answer

True

question

A good questionnaire should have _________ questions

answer

Easy to answer

question

True or False when you need to know the number of people who preform an activity in a specific area you use observations

answer

True

question

True or False Primary data is information collected for the very first time to fit a specific purpose

answer

True

question

True or False Focus groups have advantages such as it is expensive and time consuming

answer

False

question

Trade publications are an example of what type of data?

answer

Secondary

question

True/False Primary data is cheap and less accurate than secondary data.

answer

False

question

What is the first step of Market Research?

answer

Define the question

question

True/False Companies tend to use phones, internet, and warranty cards to contact it's customers.

answer

True

question

True/False Touch Points are items used to get the attention of consumers.

answer

False

question

______ are a list of questions asked to get your customers demographic and psychographic information.

answer

Surveys

question

_______ _______ is a system for collecting, recording, and analyzing information.

answer

Market Research

question

A ____ _____ is made up of people with common characteristics.

answer

Market Segment

question

Understanding your customers allows you to meet customer ______.

answer

Demands

question

True/False Customers should never be profiled based on geographic data.

answer

False

question

Demographics are data that describe a group of people in terms of their ________.

answer

Income

question

_____-_____ _____ helps you determine how often potential customers use a particular service.

answer

Use-base Data

question

Data collected through a telephone survey is _______ ________

answer

Primary data

question

True/False Secondary data are found in already published sources.

answer

True

question

True/False Larger businesses often shut out smaller businesses by lowering costs and/or hiring more workers.

answer

True

question

True/False It's smart to analyze your competitors actions and their abilities.

answer

True

question

Customer feedback is considered a type of _____ ______.

answer

Market Research

question

Without ____, companies cannot remain in businesses.

answer

Customers

question

The last step in the market research process is _______.

answer

Evaluation

question

A questionnaire or ______ can be read over the phone or mailed to respondents.

answer

Survey

question

________ ________ is a description of the characteristics of the person or company that is likely to purchase a product or service.

answer

Customer profile

Entrepreneurship Chapter 4 Identify and Meet a Market Need – Flashcards

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