Entrepreneurship Chapter 4 Identify and Meet a Market Need

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

False

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

Focus group

Trade publications are an example of what type of data?

Secondary

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

Competitor

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

Customer profile

Without ____, companies cannot remain in businesses.

Customers

Without _______ , Companies cannot remain in business

Customers

What is the first step of Market Research?

Define the question

Understanding your customers allows you to meet customer ______.

Demands

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

Direct competition

A good questionnaire should have _________ questions

Easy to answer

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

Electronic Date Transfer

The last step in the market research process is ______

Evaluation

The last step in the market research process is _______.

Evaluation

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

False

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

Focus group

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

Government publications, Internet, newspapers

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

Income

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

Market Research

Customer feedback is considered a type of _____ ______.

Market Research

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

Market Research

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

Market Segment

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

Primary

Data collected through a telephone survey is _______ ________

Primary data

Part of understanding your customer is knowing their demographics and _____

Psychographics

Market _______ Segments are groups of customers that share common characteristics

Segments

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

Survey

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

Survey

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

Surveys

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

Target market

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

True

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

True

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

True

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

True

True or False Observations can also be involved in market research

True

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

True

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

True

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

True

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

True

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

True

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

True

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

True

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

True

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

True

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

True

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

True

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

Use-base Data

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

Written

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

customer relationship managment

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

target