4.01 Entrepreneurship 2 Review

The way in which people lead their daily lives; determined by their income, interests, and activities

• Buying Habits

• Lifestyle

• Personality

• Opportunities

A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire

• market

• Consumer

• Patron

• Prospect

The particular group of customers you are interested in is the

• target market

• total market

• customer base

• market segment

____ is the tendency to buy a particular product.

• Mass marketing

• Demand

• Market share

• Brand loyalty

True or False: You should conduct a market analysis so you have a smart strategy for your business and can create products that your customers will love.

• True

• False

The study of the market based on where customers live is:

• Geographic

• Demographic

• Psychographic

• Buying Characteristics

The study of consumers based on social and psychological characteristics is:

• Geographic

• Demographic

• Psychographic

• Buying Characteristics

A small, specialized segment of the market is:

• Market Share

• Niche

• Market Positioning

• Competitive Advantage

The feature that makes a product more desirable than its competitors is:

• Market Share

• Niche

• Market Positioning

• Competitive Advantage

Mediums through which you can send a message to its intended audience. (Ex:  phone calls, text messages, emails, videos, radio, and social media)

• Pathway Channels

• Delivery Channels

• Communication Channels

• Distribution Channels