Lesson 2 - Confirm Your Market

How can you estimate the total sales volume you can expect in your location?

By researching information about your local industry

What is a well-informed, but often neglected, source of free marketing data?

College professors

Asking "Who would buy my product?" in a survey is an example of what?

Doing research to identify your target market

Which of the following is true of a good survey about a particular industry?

It has a short-term focus

Which of the following is true when marketing to ethnic consumers?

It's important to apply subtlety and sensitivity

What can provide key data so you can develop a marketing plan that works?

Market research

Direct-mail questionnaires should be kept to a maximum of how many pages?

One

Which of the following is a way to make your mission statement the best it can be?

Revise the mission statement as conditions change and the business climate evolves.

Malcolm has been researching reports generated by government agencies and the local chamber of commerce. What kind of research is Malcolm engaged in?

Secondary

What can research into industry information help you identify?

The latest trends

Why is it important to keep your mission statement in a prominent place?

To stay focused on your goals

What do the underlying values in your mission statement tell you?

Why you're in business

Suppliers and small business owners are in

a partnership.

More important than being catchy or well written, a mission statement should be

accurate.

Marketing based on socioeconomic and psychological factors is known as

generational marketing.

Secondary research is designed to help you

identify and focus your niche.

Almost 80% of business owners are clueless about the competition, resulting in

lost market share and customers.

To get a complete picture of your target market, you must do

primary research.

Barnes & Noble and Amazon would be considered a(n) _______ because they sell similar products.

strategic group