Entrepreneurship Chapter 4

Question 1

A business that makes most of its money selling the same or similar products to the same market

Accepted Answer

direct competition

Question 2

A description of the characteristics of the person that is likely to buy your products?

Accepted Answer

customer profile

Question 3

Groups of customers within a large market who share common characteristics are called _______.

Accepted Answer

market segments

Question 4

An in-depth interview with several target customers who provide ideas on products and services

Accepted Answer

focus group

Question 5

Which of the following is an example of psychographic data?

Accepted Answer

city dweller, loves country music, eats pizza twice a week

Question 6

The second step in market research is

Accepted Answer

determine the data needed

Question 7

_____ are data that describe a group of people in terms of their tastes, opinions & lifestyles.

Accepted Answer

psychographics

Question 8

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

Accepted Answer

jAll of the above

Question 9

Surveys should be no longer than _____ if they are mailed to respondents.

Accepted Answer

one page

Question 10

The FIRST step of primary market research is to

Accepted Answer

define the question

Question 11

Identifying and examining the characteristics of a competing firm is called a

Accepted Answer

competitive analysis

Question 12

Who would be the target market for a coffee shop that is located in a business area of a city?

Accepted Answer

young professionals

Question 13

The last step in market research is to

Accepted Answer

evaluate the results

Question 14

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

Accepted Answer

number of people who purchase soda at the local pizza parlor

Question 15

Data that help you determine where your potential customers live?

Accepted Answer

geographic

Question 16

Data ____ is used to find hidden patterns and relationships in stored customer data.

Accepted Answer

mining

Question 17

All of the following are examples of primary data EXCEPT

Accepted Answer

publications issued by the government

Question 18

A major disadvantage of primary data is __________.

Accepted Answer

both expensive and time consuming

Question 19

All of the following are examples of strategies for maintaining customer loyalty EXCEPT

Accepted Answer

strict return policies

Question 20

Data that describe a group of people in terms of age, marital status, family size, income are _

Accepted Answer

demographic

Question 21

___ focuses on understanding customers as individuals instead of as part of a group.

Accepted Answer

Customer Relationship Marketing

Question 22

The most common type of primary market research is

Accepted Answer

a survey

Question 23

A(n) ___ is a list of questions you would like to ask your customers to find out information.

Accepted Answer

survey

Question 24

Which of the following is compared in a competitive analysis

Accepted Answer

all of the above

Question 25

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

Accepted Answer

touch point

Question 26

Businesses use many strategies to maintain customer loyalty, including

Accepted Answer

all of the above

Entrepreneurship Chapter 4

Questions 26

Entrepreneurship Chapter 4

Questions 26