Companies that sell primarily to consumers
What is business to consumers?
A statement that can be tested and proved either true or false
What is a hypothesis?
A detailed description of target market customers based on market segmentation variables
What is a customer profile?
Stands for strengths, weaknesses, opportunities, and threats.
What is SWOT?
The Internet, trade journals, and chambers of commerce are all examples of secondary data sources
What is true?
The entire market of potential customers
What is mass market?
The specific steps for testing a hypothesis
What is a research plan?
Dividing the market according to age, gender, and income.
What is demographic segmentation
What are direct competitors.
Customers should not be targeted according to their ethnic group or culture
What is false?
Companies that sell primarily to other companies.
What is business to business?
Studying raw data to find patterns and organizing it into graphs and charts
What is data analysis?
Dividing the market based on region, climate, and population density
What is geographic segmentation?
Walmart and BJ's are these types of competitors.
Usage rate of a product is not used in geographic segmentation
What is true?
A group of people or businesses with common characteristics or needs.
What is market segment?
A mathematical technique for analyzing collected data
What is statistical analysis?
Dividing the market based on customer interests, attitudes, and values
What is psychographic segmentation?
A statement that lists a company’s or product’s special features or benefits and highlights its competitive advantage.
What is a unique selling proposition?
White collar and blue collar are terms used in identifying a customer’s interests
What is false?
A specific group of customers at which a company aims its products and services.
What is a target market?
Searching through large amounts of computerized data to find useful information
What is data mining?
Dividing the market according to relationships between customers and the product or service
What is behavioral segmentation?
What type of competition is based on the features or benefits of a product or service
What is non price competition?
Researchers often gather primary data prior to looking at secondary data
What is false?