The Value of Market Research
How to Perform Market Research
Identify Your Competition
Customer Loyalty
Vocabulary
100
True or False: Understanding your customers allow you to give them what they need.
What is True?
100
The first step in primary market research.
What is define the question?
100
True or False: Large businesses can hire professionals to do their advertising.
What is true?
100
True or False: A few customer complaints are not important if your business has a better location and prices than competition.
What is False?
100
System for collecting, recording, analyzing info about customers, competitors, goods, and services.
What is market research?
200
True or False: Segmenting your target market is usually not necessary because markets are small.
What is False?
200
the length of a questionnaire.
What is one page?
200
Helps you develop a strategy to get customers into your store instead of the competitors.
What is analyze your competition?
200
The best way to maintain customer loyalty.
What is respond to feedback?
200
Data found in already published sources.
What is secondary data?
300
Which of these is not a way to collect primary research? a) focus group b) Consensus c) survey d) all of the above
What is consensus?
300
Primary data can be time consuming and more expensive than secondary data.
What is a disadvantage of primary data?
300
The difference between direct and indirect competition.
Direct make most of its money selling the same product. Indirect only makes a small amount from a similar/same product.
300
The more a customer buys, the more rewards they receive.
What is a frequent buyer program?
300
Groups of customers that share common characteristics.
What are market segments?
400
The data collected in government publications (like the SBA).
What is secondary data?
400
You can find out people's opinions with these.
What are focus groups or surveys?
400
Your local _______ __ __________ will have information on competitors in your business field. (3 words)
What is Chamber of Commerce?
400
The importance of maintaining customer loyalty.
What is to keep customers happy and make them come back again?
400
Customer Profile.
What is a description of characteristics of the person or company that is likely to purchase your product?
500
Describe the difference between demographics and psychographics.
Demographics are data that describe a group of people in terms of age, marital status, family size, ethnicity, gender, profession, education, and income. Psychographics are data that describe a group of people in terms of their tastes, opinions, personality traits, lifestyle habits.
500
The five steps of primary market research.
1. Define the question 2. Select a research method 3. Collect data 4. Analyze data 5. Draw conclusions
500
The analysis of competitors should include these.
What are price, location, facility, strengths, weaknesses, and strategy?
500
Name 4 out of the 6 strategies to maintain loyalty.
What are superior service, convenient hours, easy return policies, store-specific credit cards, personal notes/thank-yous, frequent buyer program
500
The 3 characteristics a target market.
What is interested in the product, willing to pay for it, and able to pay for it?
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