Market Research Review

Customers should never be profiled based geographic data.

A customer profile should include demographic data but not psychographic data.

A few customer complaints are no big deal if your business has better prices than competition.

To convince people to buy from you, not your competition, you need info about your competitors.

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

Small businesses can compete with large retailersbecause large retails carry >1 product line.

Your analysis of competitors should include their prices, locations, and facilities.

The first step in primary market research is to select a research method.

You do not use your market research info. until after you have developed a plan of action.

Collecting primary data can be expensive and time-consuming.

Data that helps determine how often potential customers use a service is a customer profile.

An opportunity for success exists when a customer need is being unmet by a competitor.

Focus groups are quick interviews with target customers.

Economic trends/industry forecasts help determine the kind of primary data research to perform.

Segmenting your target market is usually not necessary because most markets are small.

To gather information, you can use either secondary data or primary data but not both.

Entrepreneurs estimate demand for their products/services by identifying their target market.

Secondary data resources and observation can help you learn about your direct competitors.

Marketing strategy identifies customers you can better serve, but not size of market.

Information collected for the very first time to fit a specific purpose is primary data.

A survey question should not be included if the response serves no specific purpose.

Demographics describe a group of people in terms of their opinions, personality traits, etc.

Secondary data are found in already published sources.

Marital status, family size, and age are useful data for identifying your target market.

Superior service and easy return policies are strategies to maintain customer loyalty.

Large businesses often drive out smaller businesses by offering lower prices and more jobs.

Understanding your customers allows you meet customer demands.

Indirect competitors make most of their money selling products the same as or similar to yours.

Analyzing the strengths and weaknesses of your competition is a waste of resources.

Observation is the best research method if you want to find out people’s opinions.