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