As the new owner of a business, you will have to persuade customers to buy from you instead of your competitors.
100
D. Define the question
The FIRST step of primary market research is to
a. determine the data needed
b. collect the data
c. analyze the data
d. define the question
100
$42
If you buy 12 tall lattes at Roaster’s Coffee Shop, you get the 13th latte free. Tall lattes cost $3.50. How much do you have to spend before you get the free latte?
100
Survey
A(n) __________ (or questionnaire) is a list of questions you would like to ask your customers to find out demographic and psychographic information.
100
Is a system for collecting, recording, and analyzing information about customers, competitors, products, and service.
What is market research?
200
False - Groups of people instead of individulal people
Data that describe individual people in terms of their taste, opinions, personality traits, and lifestyle habits are called psychographics.
200
D. All of the above
Which question should an entrepreneur answer in order to identify the target market?
a. How old are my customers?
b. What needs or wants will my product satisfy?
c. How much money do my customers have?
d. all of the above
200
2.5%
An online bookstore sent electronic coupons to Carrie 25 times last year. She used 10 of them. What percentage of the electronic coupons did Carrie use?
200
Geographic Data
Data that help you determine where your potential customers live and how far they will travel to do business with you are called __________ __________.
200
Listen and respond to feedback , More convenient hours than other businesses, and Personal notes or cards for birthdays or as a way to say thanks for the business
Name one way that a business owner can stay in touch with customer needs.
300
True
A business that makes only a small amount of money selling the same or similar products and services to the same market as other businesses is indirect competition.
300
A. Dutch Girl Dry Cleaners
Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?
a. Dutch Girl Dry Cleaners
b. Frieda’s Dress Shop
c. Macy’s Department Store
d. all of the above
300
$780,000
Carl’s Car Wash has 1,000 customers who pay $20 each week to have their vehicles washed and vacuumed. You have collected data indicating that half of Carl’s customers would switch to your new car wash business if they could save $5/week. How much revenue could you expect to earn in one year by starting a new car wash business? (Hint: There are 52 weeks in a year.)
300
Indirect
A business that makes most of its money selling the same or similar products to the same market as other businesses is __________ competition.
300
It includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.
What is a target market?
400
False - Information on customers not businesses.
Market research is a system for collecting, recording, and analyzing information about businesses, competitors, products, and service,
400
C. The movement of data between locations in a structured, computer-retrieved format
What is the 5th step in the competitive analysis?
a. List each competitor's strengths and weaknesses
b. Identify threats to your business from the competition
c. Determine the opportunities in the market
d. Find out the strategies and objectives of your competition
400
41
Iris wants to sell custom-made T-shirts to high school students in her community. For several days, she visited the local mall and counted the number of teenagers she saw wearing T-shirts. She recorded the following information:
Day 1: 47
Day 2: 33
Day 3: 50
Day 4: 34
What is the average number of teenagers wearing T-shirts each day?
400
Demographics
Data that describe a group of people in terms of age, marital status, family size, income, and similar characteristics are called __________.
400
The process is very important because most products and service appeal to only a small portion of the population.
Why is the process of market segmentation important?
500
True
Can this be a question you can ask yourself on identifying your target market?
Who is my potential market? Are my customers individuals or companies?
500
B. The movement of data between locations in a structured, computer-retrieved format
What is electronic data interchange?
a. A large computerized database containing all of the following information collected in the CRM process
b. The movement of data between locations in a structured, computer-retrieved format
c. Used to find hidden patterns and relationship iin the customer data stored in the data warehouse
d. None of the above
500
$1
Bob received $50 one day from his grandmother. One day he went to Walmart and bought $9 worth of candy, $13 worth of clothes, and $27 worth of boots. How much money does he have left?
500
Customer Relationship Management
__________ __________ __________is the goal of a new marketing trend that focuses on understanding customers as individuals instead of as part of a group.
500
1. Define the question
2. Determine the data needed
3. Collect the data
4. Analyze the data
5. Take action
6. Evaluate the data
List—in proper order—the six steps involved in primary market research.