stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapter 4 Identify and Meet a Market Need Flashcards | StudBud
Explore
/
Chapter 4 Identify and Meet a Market Need
Chapter 4 Identify and Meet a Market Need
30 terms
·
StudBud Administration
·
290 plays
Chapter 4 Quiz of the Entrepreneurship, Ideas in Action textbook.
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
To identify your target market, you need to know
who your customers are
how old your customers are
all of the above
where your potential customers currently shop
2
Which of the following is NOT a reason that entrepreneurs need to know who their customers are?
customers can help businesses estimate demand for products and services
customers have no influence on products or services offered
companies cannot remain in business without customers
customers won't buy products that don't meet their needs
3
Competitors should be analyzed concerning their
all of these
strengths & weaknesses
locations
prices
4
A good questionnaire should
Have easy -to-answer questions
help yopu find suppliers
explain in detail why you are conducting the survey
be at least two pages long
5
As an entrepreneur, you may find that indirect competitors
are more difficult to locate than direct competitors
none of these
make most of their money
are usually located in malls and shopping centers
6
The last step in the decision making process is to:
Look at pros/cons
Evaluate your decision
Guess
Identify the situation
7
A business that makes only a small amount of money selling the same or similar p/s as another:
direct competition
primary competition
indirect competition
secondary competition
8
The last step to market research is
Categorizing the data
Collecting primary data
Analyzing the data
Identifying the focus of the market
9
The customers that you would most like to attract are referred to as your
market segments
demographics
competition
target market
10
All of the following can provide information about direct competition except
the internet
your local chamber of commerce
observation methods
the U.S. Postal Service
11
Observation should be used to collect data if you want to find out how many people
will try a new service
enter a specific business
enjoy a shopping mall
like a particular product
12
Sources of secondary data include all of the following except:
customer feedback from a survey
newspaper articles
trade magazines and websites
publications issued by government and community organizations
13
Which of the following is NOT a reason that entrepreneurs need to know who their customers are?
Knowing who your customers are can help you estimate demand
Customers are a business' most important asset
Companies cannot remain in business without customers
Customers have no influence on products or services offered
14
Which of the following is NOT a step in primary market research?
Evaluate the results
Analyze the question
Collect data
Determine data needed
15
Entrepreneurs contribute to society by
creating new jobs
running for political office
making friends with employees
donating to charities
16
It is Difficult for small businesses to compete with large retailers because:
Large retailers don't rely on a single product line
All of the above
Large retailers have ability to buy & stock more products
Large retailers have more resources to advertise
17
Which of the following is a strategy for maintaining customer loyalty?
none of these
adhering to strict return policies
Keeping to standard business hours
offering superior service
18
Collecting primary data can be time consuming.
False
True
19
Will help you determine where your potential customers live & how far they will travel
Primary Data
Use-based Data
Secondary Data
Geographic Data
20
Secondary data sources
include focus groups
are unpublished
provide demographic data
none of these
21
Which of the following is
NOT
a step involved when preparing a competitive analysis?
List each competitorzs strengths
Identify your competitors
Determine opportunities in the market
Collect all of the information
22
It is difficult for small businesses to compete with large retailers because
large retailers are able to order stock in large quantities
large retailers have more resources to devote to advertising
All of the following
large retailers don't have a single product line
23
Large companies usually have more resources to devote to:
Complying with government regulations
Researching a business plan
Advertising
Educating their customers
24
Longer surveys are always better because you can collect more information
True
False
25
Which of the following is NOT a way to collect primary data?
Surveys
Observation
Concensus
Focus Groups
26
As an entrepreneur, your business will face
unfocused competition
incidental competition
demographic competition
indirect competition
27
Another word for a group interview is...
semi-structured
focus group
prom proposal
group interview
28
Data that helps you determine how often potential customers use a particular service is called
data warehouse
customer profile
use-based data
market segments
29
What is Secondary Data?
Data that you collected yourself.
Data collected by someone else made for a different purpose.
Observational or Experimental Research.
Secondary Data is data that you collect second.
30
Information collected in a telephone survey are
computer data
population data
secondary data
primary data
