Identify and Meet a Market Need

A competitive analysis entails identifying and examining the characteristics of a competing firm.

• True
• False

Customers who continue to believe that your organization's product or service offer is their best option are giving you their customer ______________

• Devotion
• Support
• Loyalty
• Duty

Includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.

• Focus Market
• Objective Market
• Target Market
• Enterprise Market

Groups of customers within a large market who share common characteristics are known as __________________

• Market divisions
• Market pieces
• Market sections
• Market segments

A __________________ is a description of the characteristics of the person or company that is likely to purchase a product or service.

• Customer portrait
• Customer profile
• Customer likeness
• Customer sketch

Data that describe a group of people in terms of age, martial status, family size, ethnicity, gender, profession, education, and income are called ____________

• Psychographics
• Geographics
• Demographics
• Use-based data

Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits are called _______________

• Demographics
• Psychographics
• Use-based data
• Geographics

Data that help you determine how often potential customers use a particular service are called _________________

• Demographics
• Psychographics
• Use-based data
• Geographics

Data that help you determine where your potential customers live and how far they will travel to do business with you are called _________________

• Demographics
• Psychographics
• Use-based data
• Geographics

___________________ is a system for collecting, recording, and analyzing information about customers, competitors, products, and services.

• Market research
• Market analysis
• Market probe
• Market quest