Small Business Entrepreneurship: Unit 4
Under this market structure, any changes made in price or promotion of products will lead to counter-moves by competition.
an oligopoly
Preparing statistical graphs is used in this step of market research.
analyze the information
_____ are places where products and services are bought by individuals for personal or household use.
Consumer markets
___________ are markets for products and services bought by individuals for personal or household use.
Consumer markets
Market research cannot help entrepreneurs develop new concepts or ideas.
False
Market research provides worthless information on consumer buying patterns and preferences.
False
The four P's has been used the longest in the service industry.
False
The results of advertising can be evaluated with this use of market research.
Identify if communications are effective
This use of market research allows for businesses to evaluate the results of the advertising.
Identify if communications are effective.
This use of market research shows how to make the necessary adjustments to better meet the demands of the customers.
Identify if customer needs are being met.
The best ways for a business to see what competitors are doing is to try their products or services. That is part of this use of market research.
Identify threats and investigate the competition
The best ways for a business to see what competitors are doing is to try their products or services. This is an example of this use of market research.
Identify threats and investigate the competition.
Finding out how a product or service will do in a certain market is an example of this use of market research.
Identify value.
Markets that involve the sale of goods between businesses are called _____.
Industrial markets
QUIZ 2:
MARKET RESEARCH AND COMPETITION
QUIZ 3:
MARKETING MIX
_____ are examples of selling services to businesses.
Salons ✔ Security Doctors ✔ Waste disposal
_____ are designed for a company to state what it wants to accomplish over the course of the marketing plan.
Statements of objectives
_____ are examples of selling finished goods.
Steel Coal ✔ Office furniture ✔ Office supplies
QUIZ 1:
TARGET MARKETS
UNIT 4
TEST
When a company chooses to market a product in certain parts of the country but not in others because consumer preferences of one region differ from another region is known as _____.
geographic segmentation
The seven main functions of marketing summarize what it takes to _____.
✔ meet consumer needs ✔ bring a product to market ✔ earn a profit for a business follow and use a marketing mix
What do the seven main functions of marketing summarize ?
✔ meet consumer needs ✔ bring a product to market ✔ earn a profit for a business follow and use a marketing mix
The seven P's adds _____.
✔ people place ✔ physical ✔ process
The steps used by businesses to develop a customer profile survey include _____.
✔ surveys marketing mix ✔ market research ✔ individualize
_____is the part of the market that a specific product is focusing on.
A niche
_____ is a group of customers that a business decides to focus its marketing efforts and products on.
A target market
_____ assist marketing objectives and help a company reach its goals.
Marketing strategies
_____ are places where buyers and sellers interact.
Markets
_____ are examples of consumer durables.
Newspapers ✔ Microwaves ✔ DVD players ✔ Personal computers
Market research can help entrepreneurs develop new concepts or ideas.
True
This market structure has a single seller.
a monopoly
Telephone interviews can be used in this step of market research:
collect the information
What step of market research is described below? Telephone interviews can be used in this step of market research.
collect the information
When choosing a target market, telephones refer to _____.
communication
Looking at the specific target markets of competitors belongs to which step of choosing a target market?
competition
Looking at the specific target markets of rival businesses refers to _____.
competition
What step of market research is described below? A research study needs to be well designed and narrowly focused to be effective.
define the problem and research objectives
Race is a factor of _____.
demographics
Looking at different sources of data is part of this step of market research _________________
develop the research plan
Looking at different sources of data is part of this step of market research.
develop the research plan
When a company chooses to market a product in certain parts of the country but not in others because consumer preferences of one region differs from another region, it is known as ______________
geographic segmentation
Once the information is complete and conclusions are made, then management can make more confident business decisions is part of this step of market research.
make the decision
A _____ is the place where buyers and sellers interact.
market
The place where buyers and sellers interact is called a _____.
market
When a business enters a market where current products already exist, it is called a _____.
market penetration strategy
The division of a market into different customer segments is called _____.
market segmentation
Each _____ occurs every time a product or service is developed and sold.
marketing function
Businesses use this to help promote products and services and reach out to potential customers.
marketing plan
Each _____ should have a timeline and budget.
marketing tactic
Getting, managing, and using information about what customers want in order to improve business decision making and marketing operations and find out what will sell is called _____.
marketing-information management
Getting, managing, and using information about what customers want in order to improve business decision making, marketing operations, and finding out what will sell is called _____________
marketing-information management
In this market structure, product differentiation is evident.
monopolistic competition
Product differentiation is evident in __
monopolistic competition
The part of the market that a specific product is focusing on is called a(n) _____.
niche
Airlines are an example of ___________
oligopoly
In this market structure, identical products are sold by all companies.
perfect competition
The function of marketing that tells customers where they can buy the product and how the product gets there is called ____________
place
Where the customers can buy the product and how the product gets there is called _____.
place
Individual consumers are considered as _____.
possible customers
What step of market research is described below? If the findings and the results are not presented properly, all of the research completed was a waste of time and money.
present the findings
The methods of providing a service is called _____.
process
The four P's include _____.
process ✔ product ✔ price ✔ promotion
Communicating with customers about a product through advertising, publicity, and public relations is called _____.
promotion
Examples of selling services to businesses are _____.
salons ✔ security doctors ✔ waste disposal
Directly communicating with possible customers to find out and satisfy their needs is called _____.
selling
Certain products are promoted during certain times of the year. This is known as _____.
time segmentation
To be useful, market research has to be _____.
unorganized ✔ objective ✔ analytical lengthy
_____ are examples of soft goods.
✔ Clothing Newspapers ✔ Shoes Ovens
_____ are examples of services.
✔ Dentists ✔ Childcare Newspapers Personal computers
_____ are examples of fast-moving consumer goods.
✔ Frozen prepared meals Refrigerators Ovens ✔ Newspapers
_____ are examples of selling to profit and non-profit organizations.
✔ Offering medicines to hospitals Security ✔ Offering computers to universities Waste disposal
_____ are added to make the seven P's.
✔ Process Place ✔ Physical evidence ✔ People
_____ are examples of selling raw materials.
✔ Steel ✔ Coal Office furniture Office supplies
_____ are examples of reselling.
✔ Wholesalers ✔ Retailers ✔ Dealers Waste disposal
Examples of services are _____.
✔ dentists ✔ childcare newspapers personal computers
Examples of fast-moving consumer goods are _____.
✔ frozen prepared meals refrigerators ovens ✔ newspapers
