Entrepreneurship Chapter 4

Question 1

groups of customers within a large market who share common characteristics are called

Accepted Answer

market segments

Question 2

Companies that offer similar or identical products to the same consumers,are called competitors

Accepted Answer

True

Question 3

Characteristics of the person or company that is likely to purchase a product or service ?

Accepted Answer

Consumer profile

Question 4

Having your primary and secondary data, the next step is how to use the data to make a decision

Accepted Answer

Flase

Question 5

A market segment consist of people with common characteristics.

Accepted Answer

True

Question 6

A major disadvantage of collecting primary data is that it can be time consuming and expensive.

Accepted Answer

True

Question 7

an in-depth interview with several target consumers who provide ideas on products and services

Accepted Answer

focus group

Question 8

Spreadsheets and databases are used for collecting and analyzing market research data.

Accepted Answer

True

Question 9

The first step in a competitive analysis is to make a list of your competitors

Accepted Answer

True

Question 10

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

Accepted Answer

All of above

Questions 10