WorksheetsIdentify and Meet a Market Need
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
A competitive analysis entails identifying and examining the characteristics of a competing firm.
a)
True
b)
False
2.
Customers who continue to believe that your organization's product or service offer is their best option are giving you their customer ______________
a)
Devotion
b)
Support
c)
Loyalty
d)
Duty
3.
Includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.
a)
Focus Market
b)
Objective Market
c)
Target Market
d)
Enterprise Market
4.
Groups of customers within a large market who share common characteristics are known as __________________
a)
Market divisions
b)
Market pieces
c)
Market sections
d)
Market segments
5.
A __________________ is a description of the characteristics of the person or company that is likely to purchase a product or service.
a)
Customer portrait
b)
Customer profile
c)
Customer likeness
d)
Customer sketch
6.
Data that describe a group of people in terms of age, martial status, family size, ethnicity, gender, profession, education, and income are called ____________
a)
Psychographics
b)
Geographics
c)
Demographics
d)
Use-based data
7.
Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits are called _______________
a)
Demographics
b)
Psychographics
c)
Use-based data
d)
Geographics
8.
Data that help you determine how often potential customers use a particular service are called _________________
a)
Demographics
b)
Psychographics
c)
Use-based data
d)
Geographics
9.
Data that help you determine where your potential customers live and how far they will travel to do business with you are called _________________
a)
Demographics
b)
Psychographics
c)
Use-based data
d)
Geographics
10.
___________________ is a system for collecting, recording, and analyzing information about customers, competitors, products, and services.
a)
Market research
b)
Market analysis
c)
Market probe
d)
Market quest
11.
Information collected for the very first time to fit a specific purpose.
a)
Principal data
b)
Elementary data
c)
Fundamental data
d)
Primary data
12.
A business that makes only a small amount of money selling the same or similar products and services to the same market as other businesses.
a)
Direct competition
b)
Straightforward competition
c)
Indirect competition
d)
Obscure competition
13.
A way to collect primary data by watching customer activity.
a)
Inspection
b)
Observation
c)
Surveillance
d)
Monitoring
14.
An in-depth interview with a group of target customers who provide valuable ideas on products or services.
a)
Target group
b)
Spotlight group
c)
Focus group
d)
Attraction group
15.
Data found in already published sources.
a)
Alternate data
b)
Minor data
c)
Supporting data
d)
Secondary data
16.
Uses technology to track customer interactions and to organize business processes in a way that will produce customer satisfying behaviors
a)
Patron Relationship Management
b)
Consumer Relationship Management
c)
Client Relationship Management
d)
Customer Relationship Management
17.
Movement of data between locations in a structured, computer retrievable format.
a)
Electronic data networking
b)
Electronic data interchange
c)
Electronic data shift
d)
Electronic data junction
18.
A large computerized, database containing all of the information collected in the CRM process.
a)
Data distribution center
b)
Data warehouse
c)
Data stockpile
d)
Data storehouse
19.
Used to find hidden patterns and relationships in the customer data stored in the data warehouse.
a)
Data drilling
b)
Data digging
c)
Data mining
d)
Data prospecting
20.
Companies offering similar or identical products and services to the same group of target customers.
a)
Adversary
b)
Challenger
c)
Rival
d)
Competitors
21.
A business that makes most of its money selling the same or similar products or services to the same market as other businesses.
a)
Direct competition
b)
Straightforward competition
c)
Indirect competition
d)
Ambiguous competition
22.
A list of questions you would like to ask your customers to find out information.
a)
Inspection
b)
Analysis
c)
Survey
d)
Study
23.
Helpful information or criticism that is given to someone to say what can be done to improve a product or service.
a)
Criticism
b)
Evaluation
c)
Observation
d)
Feedback
24.
Which of the following is not a reason that entrepreneurs need to know who their customers are?
a)
customers are a business's most important asset
b)
companies cannot remain in business without customers
c)
customers have no influence on products or services offered
d)
knowing who your customers are can help you estimate demand for products and services
25.
To identify your target market, you need to know
a)
Who your customers are
b)
All answers are correct
c)
How old your customers are
d)
Where your potential customers currently shop
26.
Which of the following is a strategy for maintaining customer loyalty?
a)
keeping standard business hours
b)
adhering to a strict return policy
c)
offering superior service
d)
no answers are correct
27.
It is difficult for small businesses to compete with large retailers because
a)
large retailers are able to order and stock products in larger quantities
b)
large retail chains don't rely on a single product line
c)
large companies have more resources to devote to advertising
d)
all answers are correct
28.
Which of the following is not an example of primary data?
a)
a survey
b)
statistics from a government website
c)
observation of customer behavior
d)
all answers are examples of primary data
29.
Two disadvantages of collecting primary data are the costs and time involved.
a)
True
b)
False
30.
Longer surveys are always better because you can collect more information.
a)
True
b)
False
100 %
