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Chapter 7.1 Review Flashcards | StudBud
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Chapter 7.1 Review
Chapter 7.1 Review
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Test review for Owning Your Future's Chapter 7.1 #entrepreneurship #targetmarket #marketing #nfte
Flashcards
24 cards
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Questions
24
Answers
1
Selling to a(n) ___ market means selling to a limited # of people who are likely to buy
business
target
mass
2
Potential customers in a market can include people or businesses.
true
false
3
Which of the following is not a source for gathering secondary data?
mailing
questionnaire
none of the above
telephone survey
4
Which of the following is not a source for gathering secondary data?
Forbes Magazine
Census Bureau
focus group
Chamber of Commerce
5
Objective social and economic facts about people are called _______.
geographics
psychographics
demographics
6
Before performing market research, the first thing you should do is
analyze the competition
choose the type of research
identify your target market
determine the research method
7
A(n) _____ group is a small number of people brought together to discuss a product or service.
primary
target
focus
8
A group of potential customers who are willing and able to purchase a product or service is
market
survey
business
9
Which of the following is true about a target market?
it represents a limited customer base
all of these
it can be based on buying patterns
it can include more than one market segment
10
A B2B company is a company that sells to _______.
government agencies
businesses
consumers
11
The carrying capacity of an industry is the amount of growth there would be for a new business
true
false
12
Market research should be done before and after starting a new business.
true
false
13
Demographics include age, marital status, and education
true
false
14
Secondary data includes information gathered by the U.S. federal and state governments.
false
true
15
To understand a particular market, you need to research
individual consumers or businesses
the business environment
all of these
the competition
16
Carrying capacity indicates
the limitations of a particular method of market research
the maximum number of market segments
growth potential for a business entering an industry
the buying patterns for a particular market
17
Facts about consumers that relate to their beliefs, lifestyles, and personal preferences are
psychographics
geographics
demographics
all of these
18
For a small business, the mass-market approach is the best strategy.
false
true
19
A focus group is a large group assembled to discuss a particular problem or product.
false
true
20
Psychographics group market segments by where they live.
false
true
21
Selling to a(n) ______ market means selling to as many customers as possible.
mass
business
target
22
Companies that sell to other companies are called
C2C
B2C
none of the above
B2B
23
A B2C company is a company that sells to _______.
consumers
businesses
government agencies
24
Which is not an example of data that would be included in a B2C customer profile?
age of customer
geographic location of customer
type of industry
gender of customer
