Entrepreneurship 6.2-6.3

Question 1

Indirect competitors make MOST of their $ selling products/services that are the same as yours.

Accepted Answer

False

Question 2

As an entrepreneur, you may find indirect competitors

Accepted Answer

are more difficult to locate than direct competitors

Question 3

In analyzing primary data collected, you should consider your customer profile & TM segment.

Accepted Answer

True

Question 4

Small businesses have low costs per unit, because they purchase in large quantities.

Accepted Answer

False

Question 5

You will not need to use your MR information until after you have developed a plan of action.

Accepted Answer

False

Question 6

The first step in primary research is to select a research method.

Accepted Answer

False

Question 7

In designing a survey, you should consider all of the following except

Accepted Answer

when you can get the best information

Question 8

All of the following are strategies designed to main customer loyalty EXCEPT

Accepted Answer

locating in a city center

Question 9

To do a survey you must decide...

Accepted Answer

what questions to include

Question 10

Observation is the best method if you want to find out people's opinions.

Accepted Answer

False

Question 11

Large businesses can hire professionals to create their advertising.

Accepted Answer

True

Question 12

Competitors should be analyzed concerning their

Accepted Answer

all of these

Question 13

Your analysis of competitors should include their prices locations and facilities.

Accepted Answer

True

Question 14

Primary data collection is more important & should be done before secondary data collection.

Accepted Answer

False

Question 15

The last step in primary data MR is to

Accepted Answer

draw conclusions

Question 16

A good questionnaire should

Accepted Answer

have easy-to-answer questions

Question 17

Which of the following is NOT a step in the primary market research?

Accepted Answer

Analyze the question

Question 18

A few customer complaints are not important if your business has a better location & prices.

Accepted Answer

False

Question 19

Before choosing a research method, you should

Accepted Answer

perform some secondary market research

Question 20

To begin the primary market research process, you decide exactly what your trying to find out.

Accepted Answer

True

Question 21

Small businesses have difficulty competing with large retailers because large retailers

Accepted Answer

can keep larger quantities of products in stock

Question 22

Questionnaires should always be kept at a one page length.

Accepted Answer

False

Question 23

The research method depends on what type of information you want.

Accepted Answer

True

Question 24

A survey question should not be included if the response serves no specific purpose.

Accepted Answer

True

Question 25

Secondary data resources and observation can help you find you direct competitors.

Accepted Answer

True

Question 26

Large companies usually have more resources to devote to

Accepted Answer

advertising

Question 27

To convince your consumers to buy from you over the competitor you need information about them.

Accepted Answer

True

Question 28

All of the following will provide information about direct competition except

Accepted Answer

The postal service

Question 29

Superior service, easy returns, & frequent buyer programs are strategies to maintain loyalty.

Accepted Answer

True

Question 30

secondary data sources can provide

Accepted Answer

demo and psychographic data

Question 31

Analyzing your competition can help you develop a strategy to

Accepted Answer

get customers to come to you instead of a competitor

Question 32

As an entrepreneur, your business will face

Accepted Answer

indirect competition

Question 33

Analyzing strengths/weaknesses of competition can help u figure out best way 2 attract customer

Accepted Answer

True

Question 34

Observation should be used to collect data if you want to find out how many people

Accepted Answer

enter a specific business

Question 35

Economic trends & industry forecasts help determine the primary data research to perform.

Accepted Answer

True

Question 36

Entrepreneurs easily compete w/ large retailers because large retail chains carry more products

Accepted Answer

False

Question 37

By a careful analysis of the information from primary MR, you can

Accepted Answer

develop a plan of action

Entrepreneurship 6.2-6.3

Questions 37

Entrepreneurship 6.2-6.3

Questions 37