Market Research Review

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

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

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

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

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

Understanding your customers allows you meet customer demands.

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.

Secondary data are found in already published sources.

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

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

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

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

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

Focus groups are quick interviews with target customers.

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

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

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

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

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

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

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

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

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

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

Customers should never be profiled based geographic data.

Collecting primary data can be expensive and time-consuming.

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

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

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