Chapter 4 Market Research Test Prep

Which of the following is NOT a source of primary data?

• Social networks

• Surveys

• In-person Interviews

• Observation

Which of the following is considered a source of secondary data?

• Surveys

• Industry databases

• Field tests

• Experiments

Which is NOT representative of a demographic segmentation?

• Housing

• Marital status

• Age

• Consumer trends

Which of the following is NOT included in a SWOT analysis?

• Products

• Strengths

• Opportunities

• Threats

Which of the following terms represent “getting a bigger piece of the pie”?

• Market demographics

• Market trends

• Market share

• Market segmentation

Market share is defined as:

• The total sales of a company in a market.

• The percentage of an industry's sales that a particular company controls.

• The number of products a company sells in a year.

• The total revenue generated by a company.

Define the following key term from this chapter: Target market.

• A group of consumers identified as the recipients of a particular marketing message

• A random selection of individuals for market research

• The entire population of a country

• A list of potential suppliers for a business

Market segmentation is defined as:

• The process of dividing a market into distinct groups of buyers with different needs or behaviors.

• The act of selling products in a single market without differentiation.

• The strategy of increasing market share by offering a single product to all consumers.

• The method of reducing production costs by standardizing products.

SWOT analysis is a strategic planning tool used to identify and analyze the strengths, weaknesses, opportunities, and threats of a business or project.

• A method to evaluate financial performance

• A strategic planning tool for analyzing strengths, weaknesses, opportunities, and threats

• A technique for improving customer satisfaction

• A process for developing new products

Define the following key term from this chapter: Customer profile.

• A detailed description of a business's typical customers

• A financial report of a company's earnings

• A list of products offered by a company

• A marketing strategy plan