business ch 4 part 2

Which of the following is not a way to collect primary data?

a. Consumer opinion blogs

As an entrepreneur, you may find that indirect competitors a. are more difficult to locate than direct competitors. b. are usually located in malls or shopping centers. c. make most of their money selling the same or similar products or services that you sell. d. none of these

a. are more difficult to locate than direct competitors.

In the first step in the market research process, you need to

a. define the market research question.

A good survey should

a. have easy-to-answer questions.

Psychographics are data that describe a group of people in terms of their

a. lifestyle habits. b. personality traits. c. opinions. d. all of these

All of the following are strategies designed to maintain customer loyalty except a. locating in a city center. b. providing store-specific credit cards. c. having more convenient hours than other businesses. d. having easy return policies.

a. locating in a city center

Customer relationship management focuses on

a. understanding customers as individuals.

Competitors should be analyzed concerning their a. prices. b. locations. c. strengths and weaknesses. d. all of these

all

Secondary data are found a. in government publications. b. on the Internet. c. in newspapers. d. all of these

all

Which of the following would be considered an indirect competitor of McDonald's? a. Kentucky Fried Chicken b. Pizza Hut c. Subway d. all of these

all

Which of the following would most likely be the target market for a car dealer selling moderately priced minivans?

b. Middle-class families with children

Which of the following is not an example of a touch point?

b. an order of goods from a supplier

Social media marketing a. is a useful but expensive way to promote a product. b. is a good way for companies to increase exposure. c. has failed to catch on because not everyone uses social media. d. helps a company get indirect feedback from customers.

b. is a good way for companies to increase exposure.

The main purpose of customer loyalty strategies is to a. obtain new customers. b. keep customers happy so that they return to the business. c. save money. d. none of these

b. keep customers happy so that they return to the business.

Finding hidden patterns and relationships in customer data is called data

b. mining.

Small businesses may have difficulty competing with large retailers because large retailers a. offer superior service. b. have a larger target market. c. are able to keep larger quantities of products in stock. d. develop more complete customer profiles.

c. are able to keep larger quantities of products in stock.

A competitive analysis does all of the following except a. summarize the products and prices offered by competitors. b. identify competitors. c. research a competitor's business plan. d. identify threats from a competitor.

c. research a competitor's business plan.

In designing a survey, you should consider all of the following except

c. when you can get the best information.

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

customer profile.

A customer profile should include demographic data but not psychographic data.

f

A marketing strategy identifies customers that you can serve more effectively than your competitors can, but it cannot help you determine the size of your market.

f

Demographics describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.

f

Focus groups are quick interviews with target customers.

f

One reason why small entrepreneurs can compete successfully with large retailers is because large retail chains carry more than one product line.

f

Segmenting your target market is usually not necessary because most markets are small.

f

To retain customers, you will need to occasionally ask them for their opinions about your business and respond to their feedback.

f

Your indirect competition are those businesses that make most of their money selling products or services that are the same as or similar to yours.

f

Data that helps you determine how often potential customers use a particular service is called a customer profile.

f answer:physcographics

Observation is the best research method if you want to find out people's opinions.

false

The first step in conducting primary market research is to select a research method.

false

The movement of data between locations in a structured, computer-retrievable format is known as electronic data mining.

false

Data that help you determine where your potential customers live and how far they will travel to do business with you are called

geographic data.

By continually evaluating your market, you can be ready to respond to changes in all of the following except a. consumer tastes. b. competitors' offerings. c. government. d. communities

government

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

income

Most products and services appeal to

market segment

Businesses typically enter into areas where there is competition.

t

Secondary data resources and observation methods can help you learn about your direct competition.

t

Your analysis of competitors should include their prices, locations, and facilities.

t

The customers you would most like to attract are referred to as your

target market

A competitor's strengths should be viewed as threats to your business.

true

A market segment is made up of people who share common characteristics.

true

Collecting primary data can be expensive and time-consuming.

true

Economic trends and industry forecasts help determine the kind of primary data research to perform.

true

Entrepreneurs estimate demand for their products or services by identifying their target market.

true

Information collected for the very first time to fit a specific purpose is primary data.

true

Marital status, income, and age are useful data for identifying your target market.

true

Superior service and frequent-buyer programs are strategies you can use to maintain customer loyalty.

true

Surveys should be kept to a page in length when read over the phone or mailed to respondents.

true

The goal of social media marketing is to product content that users will share with their social network to help a company reach more customers.

true

All of the following can provide information about direct competition except a. observation methods. b. your local chamber of commerce. c. the U.S. Postal Service. d. the Internet

u.s postal service

Data that help you determine how often potential customers use a particular service are called

use based data