The following are questions an entrepreneur needs to answer to identify their market, except

What market research should I use?

What data can be found using secondary data?

Family size, population, industry forecasts

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Identify and Meet a Market Need - Entrepreneurship

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Entrepreneurship - Chapter 4 Assessment (handout)

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Questions 15

Answers

1
The last step of Market Research is
Analyze the Data
Take Action
Determine the Data Needed
Evaluate the Data
2
an in-depth interview with target customers who provide valuable ideas on products or services
Focus Group
Surveys
Observation group
Primary data
3
Market research has how many steps?
6
5
3
4
4
The following are questions an entrepreneur needs to answer to identify their market, except
What needs or wants will my product satisfy?
What market research should I use?
What can I do for my customers that others aren't doing?
what is the demand for my product?
5
Thinking of psychographics, where can information be found using secondary data resources
Observation
Newspapers
Using a focus group
Surveys
6
All of the following are ways to collect market research data except:
Surveys
Observations
Focus Groups
data warehousing
7
All are places to find secondary data except
Surveys
Government publications
the Internet
Books
8
Companies can not stay in business without
a product
customers
Competitors
Money
9
The following are questions an entrepreneur needs to answer to identify their market, except
Who is my competition?
What needs or wants will my product satisfy?
Who is my potential market?
What prices are people willing to pay?
10
Describes a group of people in terms of their tastes, opinions, personality traits, etc.
Use-Based Data
Geographics
Psychographics
Demographics
11
A business that sells similar products to yours
Indirect Competition
Retail Competition
Department Stores
Direct Competition
12
Found in already-published sources
Reuse Data
Primary Data
Secondary Data
Observed Data
13
The first step in market research is
Determine the Data Needed
Evaluate the Results
Collect the Data
Define the question
14
What data can be found using secondary data?
You can find anything you want using secondary data
Personality traits, economic trends, household income
Family size, population, industry forecasts
Family size, customer preferences, household income
15
Information collected for the very first time to fit a specific purpose is
Secondary Data
demographics
Primary Data
Focus Group

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