Entrepreneurship Chapter 5 Review

Which of the following is not an end result of market research?

Domino’s ® and McDonald’s® are examples of which type of competition?

Studying raw data to find patterns and organizing the data into graphs and charts.

Process of dividing a large market into smaller groups is

________ is the specific group of customers at which a company aims its goods and services.

Dividing a market by the relationships between customers and the good or service

Which of the following is a source for secondary data?

Dividing a market by lifestyle choices, which can include activities, interests, attitudes, values

A statement that can be tested and proved to be either true or false is which step of the research process?

Dividing a market based on where customers live is known as

Detailed description of target market customers based on segmentation variables

Secondary data is information that already exists and can be expensive and hard to find.

Every business has one target market.

A smaller group of people, families, businesses, or organizations with common characteristics or needs.

Companies that sell primarily to businesses is call business-to-business market.

Which of the following best describes quantitative data?

This describes when a customer will buy a product or service. The most common are potential, first time, and regular.

Which of the following is not a characteristic of a target market?

Searching through large amounts of computerized data to find useful information.

Primary data is information collected by you or your organization.

Observation data is an example of which of the following?

Which of the following best describes qualitative data?

This type of competition occurs when price is the main reason for customers to buy from one business over another?

Nonprice competition is based on the features or benefits of a product or service.

Usage rate is how often a customer buys or uses a product or service.

The mass market is a portion of the entire market of potential customers.

A census is conducted every five years and consists of data such as age and ethnicity.

Ways to collect primary data include

The main purpose of market segmentation is to decide where a new business should be opened.

Dividing a market by customers’ personal statistics including age, gender, income, ethnicity, education level is

Companies that sell primarily to customers is call business-to-business market

Unique selling proposition lists special features or benefits of business/product & highlights its competitive advantage

The number of people in a group from which data are collected is referred to as a ____.

A customer who insists on buying only Colgate toothpaste is an example of which of the following?