Entrepreneurship Marketing

The target market consists of the individuals or companies interested in a particular product or service and willing and able to pay for it.

• True

• False

Identifying your target customer will not help you estimate demand for your product or service.

• True

• False

Psychographics are data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.

• True

• False

Using psychographic and demographic data can help you identify the target market for your product or service.

• True

• False

A customer profile should include psychographic data about the customer, but demographic data are not needed because opinions and lifestyle habits are the most important characteristics of customers.

• True

• False

Market segments, which are groups of customers that share common characteristics, are divisions of your target market.

• True

• False

When businesses enter areas where they face competition, they should try to identify a customer need that the competition is already satisfying.

• True

• False

Secondary data include published information about population, family size, household income, economic trends, and industry forecasts.

• True

• False

Primary data include information collected to fit a specific purpose, which can help you identify and understand the target market.

• True

• False

The first step in primary market research is to define exactly what you are trying to find out.

• True

• False