Principles of Entrepreneurship Unit 3, Week 4, CH:7.2

A business in your market who sells something similar to yours

• Direct Competition

• Indirect Competition

• Competitive Intelligence

• Competitive Advantage

• Competitive Matrix

A business who sells something different than your business but still fills the same customer need or want

• Direct Competition

• Indirect Competition

• Competitive Intelligence

• Competitive Advantage

• Competitive Matrix

Data collected about your competitor due to being rivals with whom you are fighting for customer dollars within certain target markets

• Direct Competition

• Indirect Competition

• Competitive Intelligence

• Competitive Advantage

• Competitive Matrix

When your business is ahead of the competition/rival businesses

• Direct Competition

• Indirect Competition

• Competitive Intelligence

• Competitive Advantage

• Competitive Matrix

How many steps are associated with Researching a Market

• 4

• 5

• 6

• 7

• UP-TEEN

First step taken to research a market

• Identify Research Objective

• Determine Methods and Sources

• Gather Data

• Organize Data

• Analyze Data

Last Step in Researching a Market

• Draw Conclusion

• Determine Methods and Sources

• Gather Data

• Organize Data

• Analyze Data

Which step in Researching a Market deals with deciding on using Primary or Secondary Data or a mix of the two data types

• Draw Conclusion

• Determine Methods and Sources

• Gather Data

• Organize Data

• Analyze Data

Which step of Researching a Market would deal with grouping indirect competitors into categories by industry, product, or service

• Draw Conclusion

• Determine Methods and Sources

• Gather Data

• Organize Data

• Analyze Data

All of the following deal with Drawing a Conclusion (Step 6 of Market Research) EXCEPT

• Expanded SWOT (Strengths, Weaknesses, Opportunities, Threats)

• Carrying Capacity (Can your business be carried by customers)

• Target Market (a Definite Market for your product or service-Room for you business amongst competitors)

• Market Size/Demand (How large is the Target Market and how much demand is there for your product or service)

• Analyzing Industry Data (Composed of industry size, potential room for industry growth)