Entrepreneurship - Chapter 5

A _____________________ is a detailed description of your target market's characteristics.

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• Customer Profile

• Target Audience

• Mass Market

If you're selling your product or service to as many customers as possible, you are marketing to what type of market?

• Target Market

• Mass Market

• Restricted Market

• Niche Market

If you are a B2C company, you are selling your product or service to. . .

• Consumers

• Business

• Retailers

• Wholesalers

Includes things like age, gender, marital status, race, income, etc.

• Demographics

• Psychographics

• Geographics

Market research might indicate that it makes sense to market to both businesses and consumers.

• True

• False

Objective social and economic facts about people.

• Psychographics

• Geographics

• Demographics

An approach to targeting customers where a business will serve two segments with different need and want with the same product or service is known as:

• Multi-Sided Market Segment

• Niche Market

• Diversified Market Segment

• Segmented Market Segment

Market segments based on where consumers live or where businesses are located.

• Geographics

• Psychographics

• Demographics

If you are a B2B company, you are selling your product or service to. . .

• Consumers

• Retailers

• Wholesalers

• Businesses

Which of the following is NOT a reason niche markets are attractive to entrepreneurs and small businesses?

• Focus

• Lower Profit Margins

• Little Competition

• Higher Profits