Chapter 4 - Identify and Meet a Market Need

The most common type of primary market research is

It is generally less expensive for a business to collect secondary data than to collect primary data.

Companies that offer similar or identical products and services to the same group of target customers are called:

Information that helps you determine how often potential customers use a particular service is called

One good question to ask yourself when identifying your target market is: "What needs/wants will my product satisfy?"

It is good to analyze the strengths and weaknesses of your competition to help you figure out what you can do better.

Data that describe a group of people in terms of their tastes, opinions, lifestyle habits and personality traits are:

Because market research is so expensive and time-consuming, it is not wise for a new business to use it.

Locating your indirect competitors is more difficult than finding direct competitors.

An advantage of primary data collection is that it is up to date; a disadvantage is that it's expensive & time consuming

A market segment is made up of people with common characteristics.

Which of the following is a direct competitor with Dunkin Donuts?

Which of the following will NOT help you maintain customer loyalty?

Which of the following is a good resource for secondary data?

Customers may be profiled based on all of the following EXCEPT:

Your direct competitors will always be in the same geographic area as your business.

It is best to perform secondary market research first to become more familiar with the market.

Small businesses:

The analysis of marketing data should be in a written format so it can be referred to at a later date.

Groups of customers within a large market who share common characteristics are known as

Once you have developed a marketing strategy, it is time to analyze your target market.

Selling to only certain individuals rather than all people will make your business less likely to succeed.

Before you open a business,the two most important things to determine are who your primary customer are and:

The first step in conducting market research is to

New businesses typically enter into areas where there is no competition.