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Identify and Meet a Market Need . 4.1 Identify Your Market 4.2 Research the Market 4.3 Know Your Competition. True/False Indicate whether the statement is true or false. A market segment consists of people with common characteristics. True.

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identify and meet a market need

Identify and Meet a Market Need

4.1 Identify Your Market

4.2 Research the Market

4.3 Know Your Competition

true false indicate whether the statement is true or false
True/FalseIndicate whether the statement is true or false

A market segment consists of people with common characteristics.

true false indicate whether the statement is true or false1
True/FalseIndicate whether the statement is true or false

Surveys should be no more than five pages long if they are mailed to respondents.

true false indicate whether the statement is true or false2
True/FalseIndicate whether the statement is true or false

You are thinking of opening an ice cream stand near a local school, so you count the number of children who walk past your chosen location every day after school. You are collecting primary data through observation

true false indicate whether the statement is true or false3
True/FalseIndicate whether the statement is true or false

A major disadvantage of collecting primary data is that it can be time-consuming and expensive.

true false indicate whether the statement is true or false4
True/FalseIndicate whether the statement is true or false

Once you have collected all of your primary and secondary data, the next step is to determine how to use the data to make a decision.

true false indicate whether the statement is true or false5
True/FalseIndicate whether the statement is true or false

Entrepreneurs must regularly evaluate the actions they take as a result of their market research. It is not enough simply to develop a plan of action.

true false indicate whether the statement is true or false6
True/FalseIndicate whether the statement is true or false

The value of data mining is the ability of a company to transform individual bits of data into usable information that marketers need to develop successful marketing strategies.

true false indicate whether the statement is true or false7
True/FalseIndicate whether the statement is true or false

Companies that offer similar or identical products to the same group of target customers are called competitors.

true false indicate whether the statement is true or false8
True/FalseIndicate whether the statement is true or false

The first step in a competitive analysis is to make a list of your competitors.

true false indicate whether the statement is true or false9
True/FalseIndicate whether the statement is true or false

Though popular in the past, frequent-buyer programs have fallen out of favor in recent years because they have been shown to have little impact on customer loyalty.

which question should an entrepreneur answer in order to identify the target market
Which question should an entrepreneur answer in order to identify the target market?

a. How old are my customers?

b. What needs or wants will my product satisfy?

c. How much money do my customers have?

d. all of the above

slide24
A description of the characteristics of the person or company that is likely to purchase a product or service is called a

customer profile

customer segment

market segment

target market

slide25
A description of the characteristics of the person or company that is likely to purchase a product or service is called a

customer profile

which of the following is an example of psychographic data
Which of the following is an example of psychographic data?

a. single man, age 25, income of $50,000/year

b. suburban dweller, loves country music, eats pizza twice weekly

c. Hispanic woman, bachelor’s degree, librarian

d. all of the above

which of the following is an example of psychographic data1
Which of the following is an example of psychographic data?

b. suburban dweller, loves country music, eats pizza twice weekly

the most common type of primary market research is
The most common type of primary market research is

a. a focus group

b. direct observation

c. a survey

d. magazine and newspaper articles

data on all of the following can be found in secondary data resources except
Data on all of the following can be found in secondary data resources EXCEPT

a. the population of towns and neighborhoods

b. the number of people who purchase soft drinks at the local pizza parlor

c. employment statistics for specific regions of the country

d. the average household income in your town

data on all of the following can be found in secondary data resources except1
Data on all of the following can be found in secondary data resources EXCEPT

b. the number of people who purchase soft drinks at the local pizza parlor

the first step of primary market research is to
The FIRST step of primary market research is to

a. determine the data needed

b. collect the data

c. analyze the data

d. define the question

in a crm system any type of interaction a customer has with a company is called a
In a CRM system, any type of interaction a customer has with a company is called a

a. business contact

b. touch point

c. marketing interaction

d. B2C interface

which of the following would likely be the target market for a coffee shop that is located downtown
Which of the following would likely be the target market for a coffee shop that is located downtown?

a. stay-at-home moms

b. young professionals

c. families

d. senior citizens

which of the following would likely be the target market for a coffee shop that is located downtown1
Which of the following would likely be the target market for a coffee shop that is located downtown?

b. young professionals

slide38
Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?

a. Dutch Girl Dry Cleaners

b. Frieda’s Dress Shop

c. Macy’s Department Store

d. all of the above

slide39
Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?

c. Macy’s Department Store

businesses use many strategies to maintain customer loyalty including
Businesses use many strategies to maintain customer loyalty, including

a. providing superior service

b. offering store-specific credit cards

c. sending birthday cards to customers

d. all of the above