Lesson 2 Quiz: Confirm your market.
Secondary research is designed to help you
Identify and focus your niche
A business that is interested in exporting its products should contact the
International Trade Administration (ITA)
Which of the following is true when marketing to ethnic consumers?
It's important to apply subtlety and sensitivity
Madeline has developed a product that can help people with diabetes better control their blood sugar by helping them to manage their diet and exercise better. What type of marketing would be best for this type of product?
Life Stage?
A map from a trade development commission or chamber of commerce can be more useful than Google Maps for identifying?
Major areas of commerce and location accessibility.
Direct mail questionnaires should be kept to a maximum of how many pages?
One
What is the term for information that comes directly from your potential customers?
Primary research.
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.
Gabriella's business hasn't been doing well. She has a retail store where she is selling dog treats, baby clothes, and high-end athletic shoes. When people walk by her store, they're unsure of what she is selling. Based on the information provided, why might Gabriella be having difficulty?
She hasn't developed a targeted niche.
What can research into industry information help you identify?
The latest trends.
Why do many business owners avoid market research?
They are afraid of negative feedback.
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.
Kalim developed a new food product that he was certain would be popular with consumers. He researched his target market and made sure that the industry was growing. However, once he launched the product, prospective customers told him that the product was priced too high. How could he have avoided this problem?
by better defining his niche
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
Marketing based on socioeconomic and psychological factors is known as
generational marketing
Almost 80% of business owners are clueless about the competition, resulting in
lost market share and customers
Barnes & Noble and Amazon would be considered a(n) ___________ because they sell similar products?
strategic group
