Entrepreneurship - Chapter 4

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

• Government reports

• A survey

• Magazine and newspaper articles

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

Data that is found in already-published sources. Examples include newspapers, online databases, journals, and books.

• Secondary Data

• Primary Data

• Customer Relationship Management

• Competitive Analysis

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

The FIRST step of primary market research is to:

• determine the data needed

• collect the data

• analyze the data

• define the question

Data that describes a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.

• Demographics

• Psychographics

• Use-Based Data

• Geographic Data

As a car dealer, if I sold moderately priced minivans who would be an example of someone in my target market?

• Teenager that just turned 16

• Single Adult

• Parents with their first child on the way

• A family of six