Chapter 4 Entrepenuership

To identify your target market you need to know....

1. who your customers are 2. How old your customers are 3.where your potential customers currently shop

Businesses do not need to identify their target market in order to succeed.

False

Longer surveys are always better because you can collect more information.

False

Collecting primary data can be time-consuming and expensive.

True

customer relationship management

a companys effort to understand customers as indivisual instead of as part of a group

It is difficult for small businesses to compete with large retailers because

a. large retailers usually are able to keep larger quantities of products in stock b. large retail chains do not rely on a single product line c. large companies usually have more resources to devote to advertising

Which of the following is not a good way to get customer feedback?

check with your competition

Which of the following is not a step involved when preparing a competitive analysis?

create a customer profile

Check My Work Sources of secondary data include all of the following except

customer feedback from a survey

which of the following is not the reason that entrepreneurs need to know who their customers are?

customers have no influence on products or services offered.

Secondary data

data found in already published sources

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

Which of the following is a strategy for maintaining customer loyalty?

offering superior service

Which of the following is not an example of primary data?

statistics from a government website