Business Competition Flashcard

Front

Your indirect competitors are those businesses that make most of their money selling products or services that are the same as or very similar to yours.

Back

False

Front

One example of indirect competition for a restaurant is a personal chef.

Back

True

Front

A business opportunity may exist when a customer need is being unmet by a competitor.

Back

True

Front

Demographics describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.

Back

True

Front

The #1 way to improve customer loyalty is to collect and respond to customer feedback.

Back

True

Front

A Customer Relationship Management (CRM) system is designed to focus on customers as part of a group, not as individuals.

Back

False

Front

Groups of customers within a large market who share common characteristics are known as a focus group.

Back

True

Front

Market research can be used to identify a target market.

Back

True

Front

Touchpoints include interactions between a business and its customers such as those by phone, web, and salesperson.

Back

True

Front

To convince customers to buy from your business rather than a competitor, you need information about your competitors.

Back

True