Entrepreneurship - Chapter 4

Which question should an entrepreneur answer in order to identify the target market?

• How old are my customers?

• What needs or wants will my product satisfy?

• How much money do my customers have?

• All of the above

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

• Customer Profile

• Customer Segment

• Market Segment

• Target Market

Which of the following is an example of psychographic data?

• single man, age 25, income of $50,000/year

• suburban dweller, loves country music, eats pizza twice weekly

• Hispanic woman, bachelor's degree, librarian

• all of the above

The most common type of primary market research is:

• A focus group

• Direct Observation

• A survey

• Magazine and newspaper articles

Data on all of the following can be found in secondary data resources EXCEPT:

• the population of towns and neighborhoods

• the number of people who purchase soft drinks at the local pizza parlor

• employment statistics for specific regions of the country

• the average household income in your town

The FIRST step of primary market research is to:

• determine the data needed

• collect the data

• analyze the data

• define the question

In a CRM system, any type of interaction a customer has with a company is called a:

• business contact

• touch point

• marketing interaction

• B2C interface

Which of the following would likely be the target market for a coffee shop that is located downtown?

• stay-at-home moms

• young professionals

• families

• senior citizens

Marti's Boutique sells custom-made dresses. Which of the following is an INDIRECT competitor to Marti's Boutique?

• Dutch Girl Dry Cleaners

• Frieda's Dress Shop

• Macy's Department Store

• All of the above

Businesses use many strategies to maintain customer loyalty, including:

• providing superior service

• offering store-specific credit cards

• sending birthday cards to customers

• all of the above