Chapter 6 Test Review Entrepreneurship

Involves Studying the past patterns that can be used to predict the future trends.

• Historical research

• target market

• focus group

Is a group of people whose opinions are studies to determine the opinions expected from a larger group

• Historical research

• target market

• focus group

particular group of customers that you are interested in

• Historical research

• target market

• focus group

changes in the success of the industry

• barriers to entry

• stages of life cycle

are conditions or circumstances that make it difficult or costly for industry entry

• barriers to entry

• stages of life cycle

A niche is a small specialized segment of the market.

• True

• False

A market is a group of people or companies who have demand for a product or service

• True

• False

Mass marketing is trying reach a portion of customers with a single marketing plan

• True

• False

Which of the following is a barrier to entry? Select all that apply

• Niches

• Threats from substitute products

• economies of scale

• brand loyalty

Secondary data is

• economies of scale

• information already collected

• information to be collected