Market Analysis

An industry is a collection of businesses within a common line of products and services.

• True

• False

A market is a group of people or companies who have demand for a product or service and are willing/able to buy it.

• True

• False

Market Segmentation is the process of grouping a market into smaller subgroups defined by specific characteristics.

• True

• False

The study of the market based on where customers live is:

• Geographic

• Demographic

• Psychographic

• Buying Characteristics

The personal characteristics of a population is:

• Geographic

• Demographic

• Psychographic

• Buying Characteristics

The study of consumers based on social and psychological characteristics is:

• Geographic

• Demographic

• Psychographic

• Buying Characteristics

You can have more than one target market, but it is easier to focus on one in the start-up stage.

• True

• False

Market research is the collection and analysis of information aimed at understanding the behavior of consumers in a certain market.

• True

• False

Market research that is used when you know little about a subject is:

• Exploratory Research

• Focus Group

• Descriptive Research

• Historical Research

Market research that is group of people whose opinions are studied to determine the opinions that can be expected from a larger population is a:

• Exploratory Research

• Focus Group

• Descriptive Research

• Historical Research