Entrepreneurship Chapter 6 Test Review

By careful analysis of information from primary market research, you can:

Analyzing strengths/weaknesses of competitors helps figure out best ways to attract customers

The data collected from a telephone survey would be

Secondary data can be found in 

Your indirect competitors  make most of their money selling same or similar products as you.

The research method you use depends on the type of information you want.

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

Analysis of competitors should include prices, locations, and facilities.

Marital status, family size, and age can be useful in determining target markets. 

A description of the characteristics of the person that is likely to purchase your products is 

Observation is the best research method for gathering opinions.

A customer profile should include a demographics but not psychographics.

Small businesses may have difficulty competing with large retailers  because large retailers:

Understanding your customers helps you give them what they need and want.

To convince customers to buy from you instead of competition, you need info about competitors.

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

Questionnaires should always be one page in length or less.

Secondary data resources can provide:

All of the following are strategies designed to maintain customer loyalty except

 Easy return policies and frequent buyer programs are strategies to maintain loyal customers

The customers you would most like to attract are your:

Which of the following is NOT a way to collect primary data?

Before choosing a research method, you should:

Demographics describe people based on tastes, opinions, lifestyle habits, and personality

All of the following will provide data on competitors except

The most common way to collect primary data is using a questionnaire.

To begin market research you should decide what you are trying to find out,Define the Question.

which of the following is not a step in the market research process?