Entrepreneurship: Chapter 6 Quiz

Individuals or companies that are interested in a particular product or service and are willing to pay for it

• Demographics

• Target Market

• Market Segment

• Secondary Data

Direct competitors may be located far away.

• True

• False

The first step in the 5-step primary market research is ?

• Select a research method

• Define the Question

• Collect Data

• Analyze data

When designing a survey, they should be long and more than one page

• True

• False

The final step in the 5-step Primary Market Research is ?

• Collect Data

• Select a Research Method

• Draw Conclusions

• Analyze Data

Competition from a business that makes most of its money selling the same or similar products or services is called ?

• Primary Competition

• Direct Competition

• Indirect Competition

• Secondary Competition

Locating your indirect competition is more difficult than finding direct competitors

• True

• False

Some of the most basic strategies for maintaining loyalty include all of the following EXCEPT

• Store specific credit cards

• Personal Notes

• Inferior service

• More convenient hours than other businesses

If $100,000 worth of pizzas are sold in town each year, and you have 50% of the market, how much revenue would you earn?

• $5,000

• $500

• $50,000

• $10,000

Entrepreneurs may find it more difficult to compete with large retailers for which of the following reasons ?

• Large retailers are able to keep larger quantities of a product

• Large retail chains don't rely on one single product line

• Large companies usually can advertise more

• All of these