Markets
A company that makes high-end running shoes focuses its advertising on competitive runners aged 18–35. This group represents the company’s:
Target Market
A business conducts interviews with customers to learn what features they want in a new product. This is an example of:
Primary data
A small coffee shop studies the pricing and loyalty programs of nearby cafés. This is an example of:
Competitive analysis
Which of the following best represents a strength in a SWOT analysis?
Loyal customer base
A target market identifies the________ to which a company markets its products and services
Customer Group
The unique benefit that a business promises to deliver to customers that sets it apart from competitors is its:
Value proposition
Reviewing an industry report published by the U.S. Chamber of Commerce would be considered:
Secondary research
Which factor is most important to examine when evaluating competitors?
Product quality, pricing, and customer experience
A small business lacks experienced staff. This would be listed under which SWOT category?
Weaknesses
a statement that explains why a customer should do business with a company
A business offering low prices to quickly attract new customers is using which pricing strategy?
Penetration pricing
Which of the following is an example of primary data collection?
Sending out your own online survey
A startup offers faster delivery than all competitors. This feature represents a:
Strength
A new housing development being built near a small grocery store is a:
Opportunity
Primary data is contains more _______ compared to secondary data.
Accurate
A restaurant sets menu prices based on what customers are willing to pay rather than only production cost. This is an example of:
Value-based pricing
A bakery owner searches online to find out how many competitors operate nearby. The information comes from
Secondary data
When a business analyzes what its competitors are doing well and where they fall short, it is conducting a:
SWOT analysis
Which of the following best represents a threat in a SWOT analysis?
New competitor entering the market
Secondary data often contains more
Personal Bias
A company identifies middle-income parents as the group most likely to purchase their family SUV. This is part of defining the company’s:
Target market
Which of the following statements best compares primary and secondary data?
Primary data is more expensive and specific; secondary data is cheaper and broader.
A company compares its social media engagement to top competitors. This type of analysis helps them:
Evaluate market position
A company reviews its strong reputation, lack of storage space, new market trends, and new competitors. These four factors represent:
A SWOT analysis
Strength/Weakness are considered what type of factors?
Internal