BFCA- The Market Environment

1. “When considering the promotion of a cultural event, it is recommended that the cultural entrepreneur understands the market environment.” Which of the following activities BEST facilitate the process of understanding the market environment?

• a) Determining the market demand, developing a customer profile and conducting the 5 Wʼs.

• b) Determining the market demand, developing a customer profile and undertaking a competitor analysis

• c) Developing a customer profile, knowing the cost of goods and services, and building relationships with suppliers

• d) Undertaking a competitor analysis, working with suppliers and building a product brand.

2. A cultural entrepreneur needs to have information about his potential customers. This type of information is classified as:

• a) customer and competitor profiles

• b) demographic and customer profiles

• c) customer and psychographic profiles

• d) demographic and psychographic profiles

3. The age, income and education of a customer will be classified as ______________________ data for a company.

• Quantitative

• Qualitative

• Demographic

• Psychographic

4. Prices, customer reviews, culture(attitudes, beliefs), strengths and weaknesses are all information found in:

• a) Quantitative data

• b) Customer's Profile

• c) Competitor's profile

• d) A questionnaire

5. A market research must be done before introducing a product/service to the potential customers. Which group BEST illustrates the primary methods of research one will use to find a musician to join a band?

• Focus Group and Survey

• Observation and Interview

• Questionnaire and website

• Interview and Questionnaire

6. What are two disadvantages of Secondary Research data?

• a) It is specific and not time-consuming

• b) It is cost effective and up to date

• c) One has no control over the data quality and it is not current information

• d) You possess ownership and it is not time consuming

7. Jerry has a business that designs and sell clothes for ballet dancers online. This is business is BEST known as:

• a) A niche market

• b) Supply and demand business

• c) Product Branding

• d) All of the Above