MARKET RESEARCH
What is a group of customers that will buy a product or service called?
Target Market
What type of competitor sells the same or similar products or services?
Direct Competitor
Which market segment includes information such as age, gender, and ethnicity?
Demographic
What does CAC stand for?
Customer Acquisition Cost
What are the four P's of the marketing mix?
Product, Price, Place, and Promotion
What statement explains why a customer should do business with a company?
Value Proposition
What type of competitor sells a different product or service that can satisfy a similar customer need?
Indirect Competitor
Which market segment focuses on a customer's location?
Geographical
Generally, is it more cost-effective to keep an existing customer or acquire a new customer?
Keep an existing customer
Facebook and Instagram are examples of what general type of marketing platform?
Digital Marketing / Social Media
Interviews, surveys, and focus groups are examples of what type of data?
Primary Data
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
Which market segment focuses on customers' buying habits?
Behavioral
What is the formula for Customer Acquisition Cost?
(Marketing Expenses + Sales Expenses) ÷ Number of New Customers
Mail, newspapers, and billboards are examples of what type of marketing?
Traditional / Physical Marketing
Articles and academic journals are examples of what type of data?
Secondary Data
A business has dependable, highly trained employees. Which part of a SWOT analysis is this?
Strength
Which market segment focuses on customer values and motivations?
Psychographic
A company spends $6,000 on marketing and $4,000 on sales and gains 1,000 new customers. What is its CAC?
$10 per customer
What business document outlines a company's marketing strategies and actions and can be used to measure results over time?
Marketing Plan
A company surveys 500 potential customers about how much they would pay for a new product. Is this primary or secondary data, and why?
Primary data because the information was collected firsthand from potential customers.
A local ice cream shop discovers that a new frozen yogurt shop is opening across the street. Which part of the ice cream shop's SWOT analysis would this most likely represent?
Threat
A clothing company discovers that its customers value sustainability and prefer brands that use environmentally friendly materials. Which type of market data is the company analyzing?
Psychographic
A business ends the month with 250 customers. It started with 225 customers and gained 35 new customers. What is its customer retention rate, rounded to the nearest whole percent?
96%
(250 − 35) ÷ 225 × 100 = approximately 96%
A company wants its website to appear near the top of search engine results by using specific technical strategies. What marketing method is it using?
Search Engine Optimization (SEO)