Entrepreneurship Ch. 4 test review

Government publications, such as those issued by the U.S. Census Bureau, provide______ that can be used to identify a target market.

• secondary data

• focus group

• direct competition

• demographics

It is difficult for small businesses to compete with large retailers because

• large retailers usually are able to keep larger quantities of products in stock

• large retail chains do not rely on a single product line

• large companies usually have more resources to devote to advertising

• all of these

Businesses do not need to identify their target market in order to succeed.

• True

• False

Collecting data for market research should begin with _____ sources.

• secondary data

• focus group

• direct competition

• demographics

A _____ is usually led by a moderator, who asks questions about buying habits.

• secondary data

• focus group

• direct competition

• demographics

Your ______may be in the same geographic area as your business or located far away.

• secondary data

• focus group

• direct competition

• demographics

Sources of secondary data include all of the following except

• customer feedback from a survey

• publications issued by government and community organizations

• trade magazines and websites

• newspaper articles

Which of the following is a strategy for maintaining customer loyalty?

• keeping standard business hours

• adhering to strict return policies

• offering superior service

• none of these

Which of the following is not an example of primary data?

• a survey

• statistics from a government website

• observation of customer behavior

• all of these are examples of primary data

To identify your target market, you need to know

• who your customers are

• how old your customers are

• where your potential customers currently shop

• all of these