week 8 revision

Warren Cassell, owner of Just Books, a very small book store, makes special orders for customers at no extra charge, provides free gift-wrapping, conducts out-of-print book searches, offers autographed copies of books, hosts "Meet the Author" breakfasts, and publishes a newsletter for book lovers. By offering his customers lots of "extras" they do not get at larger bookstores, Cassell has won a growing base of loyal customers. Cassell is relying on which marketing strategy?

• Bootstrap marketing

• Individualized marketing

• Demographic marketing

• Transaction selling

The specific group of customers at whom a company aims its good or services is referred to as a ________.

• market segmentation

• bootstrap marketing

• niche marketing

• target market

One of the greatest marketing mistakes small businesses make is ________.

• spending too little on advertising

• failing to identify the target market

• spending too little on quality improvement

• underpricing their products and services

Studies of shifting patterns in age, income, education, race, and other population characteristics are the subject of ________.

Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

• Collect data

• Design the research

• Define the objective

• Determine the relevant information

Your friend Maria is experiencing declining sales in the business she has owned and successfully operated for three years. She has asked for your guidance in determining the course(s) of action she should take. Your recommendation to her is to undertake a marketing research project. Briefly outline the steps involved in market research. She is concerned that market research will be too expensive and sophisticated for a small business such as hers. Is this true? Explain.

Describe how a small business owner could use an emphasis on speed for a competitive advantage.

List some possible sources of market information for an entrepreneur.