Matching
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Match each term to the correct definition below. a. | Customer profile | b. | Customers | c. | Demographics | d. | Direct competition | e. | Focus
group | f. | Indirect competition | g. | Market research | h. | Market
segments | i. | Observation | j. | Primary data | k. | Psychographics | l. | Secondary data | m. | Survey | n. | Target market |
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1.
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Data found in already published sources
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2.
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A system for collecting, recording, and analyzing information about customers,
competitors, goods, and services
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3.
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A description of the characteristics of the person or company that is likely to
purchase a product or service
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4.
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Data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits
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5.
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Groups of customers that share common characteristics
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6.
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The individuals or companies that are interested in a particular product or
service and are willing and able to pay for it
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7.
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Information collected for the very first time to fit a specific purpose
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8.
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Competition from a business that makes most of its money selling the same or
similar products or services as another business
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9.
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An interview with groups of target customers who provide valuable ideas on
products or services
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10.
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Data that describe a group of people in terms of their age, marital status,
family size, ethnicity, gender, profession, education, and income
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True/False
Indicate whether the statement is true or
false.
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11.
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Market segments, which are groups of customers that share common
characteristics, are divisions of your target market.
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12.
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The first step in primary market research is to define exactly what you are
trying to find out.
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13.
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The best methods to use for gathering primary data are observation and
questionnaires.
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14.
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The five steps involved in primary data market research are define the data,
select a research method, collect data, analyze data, and draw conclusions.
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15.
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After developing a plan of action, you should draw conclusions about your data
analysis.
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16.
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A business that makes only a small amount of money selling the same or similar
products or services as another business is indirect competition.
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17.
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Large businesses, which are often indirect competitors of entrepreneurs, face
less risk because they have only one product line.
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18.
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Looking at your competition in key areas will help you figure out how to retain
customers.
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19.
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If you can find a weakness in a direct competitor, you can arrange for your
business to have a strength in that area.
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20.
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Listening to customers and responding to feedback is the most important step in
maintaining customer loyalty.
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Multiple Choice
Identify the choice that best completes the
statement or answers the question.
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21.
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Data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits are
a. | demographics | b. | demonstration data | c. | psychographics | d. | psychology data |
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22.
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Market research is a system for collecting, recording, and analyzing information
about
a. | customers | b. | competitors | c. | goods and
services | d. | all of these |
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23.
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In the second step of the market-research process, you need to
a. | design a questionnaire | b. | collect secondary data | c. | define exactly what
you are trying to find out | d. | decide what method you plan to use to collect
data |
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24.
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The target market is the individuals or companies that are interested in a
particular product or service and
a. | can afford to pay for it | b. | are customers of the
competition | c. | are willing and able to pay for it | d. | are located in the surrounding
area |
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25.
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A business that makes only a small amount of money selling the same or similar
products or services as another business is
a. | indirect competition | b. | direct competition | c. | secondary
competition | d. | primary competition |
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26.
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A customer profile
a. | is a description of the characteristics of the person or company that is likely to
purchase a product or service | b. | is only needed for primary market
research | c. | can help you understand your competition | d. | all of
these |
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27.
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Information collected for the very first time to fit a specific purpose
is
a. | psychographics | b. | primary data | c. | secondary
data | d. | market data |
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28.
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To keep customers, you will need to
a. | develop strategies to keep them happy | b. | respond to their concerns | c. | stay in touch with
their needs | d. | all of these |
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29.
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Focus groups
a. | allow for in-depth discussion about a topic | b. | are never used to
collect primary data | c. | should include your
competitors | d. | can help you interpret your data |
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30.
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Competitors should be analyzed in terms of their
a. | size | b. | advertising campaigns | c. | location and
price | d. | suppliers |
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