Entrepreneurship Chapter 4

Which of the following would likely be the target market for a downtown coffee shop?

Data that categorizes people by where they live or how far they are willing to travel

Data that categorizes people based on age, marital status, gender, income, or family size

Psychographics are data that help determine how often people use a particular product/service.

In a CRM system, any type of interaction a customer has with a company is called a

Which business is indirect competition for Baab's Jewelry?

Characteristics of the person or company most likely to purchase a product or service is

Data on all of the following can be found in secondary data except

Data that categorizes people how often they use a product or service

Which of the following is not a competitor for a store that sells custom-made dresses?

Which of the following is an example of psychographic data?

Performing observations as research is a type of secondary market research.

The first step in a competitive analysis is to make a list of competitors.

Which of the following is not a type of primary market research?

A market segment consists of people with common characteristics.

The most common type of primary market research is

Which business is direct competition for Luigi's Restaurant?

A major disadvantage of primary data is that it can be expensive and time consuming.

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

Which business is indirect competition for Rite Aid?

Data that categorizes people by common personality traits or interests:

The first step of primary market research is to

Which question should an entrepreneur answer in order to identify the target market?

Databases are used for collecting and analyzing market research data.

To be successful, all an entrepreneur needs to do is come up with a good idea.

Businesses use many strategies to maintain customer loyalty, including