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WorksheetsMarket Research for Entrepreneurs
Total questions: 20
Worksheet time: 14mins
Name
Class
Date
1.
How can an entrepreneur learn about and understand the industry related to their idea for a new business?
a)
Take a class or course related to the industry.
b)
Read books and journals about the industry.
c)
Interview people who currently work in the industry.
d)
All of these are correct.
2.
The entrepreneur should profile the potential customers for the new business. This means that the entrepreneur should determine (to the degree possible) the typical customer’s:
a)
age & gender
b)
income level
c)
education level
d)
all of these are correct
3.
The trading area should be carefully analyzed and evaluated.
a)
True
b)
False
4.
Which of the following is a cultural trend that might influence an entrepreneur?
a)
Athletic wear is worn to many places.
b)
The unemployment rate is increasing.
5.
Which of the following is an economic trend that might influence an entrepreneur?
a)
Athletic wear is worn to many places.
b)
Unemployment is decreasing.
6.
The first step of the Marketing Research Process is
a)
Gathering primary data.
b)
Defining the problem.
7.
This is information that is useful and has already been collected for another purpose.
a)
Primary Data
b)
Secondary Data
8.
This is information that is collected for the first time to solve the problem being studied or for use in achieving the goal of the project.
a)
Primary Data
b)
Secondary Data
9.
This is the gathering and interpreting of information about a market, about a product or service to be offered to that market, and about the customers for that product or service.
a)
Market Research
b)
Industrial Management
10.
This is a planned set of questions to which individuals or groups of people respond.
a)
Survey
b)
Invoice
11.
This is a geographic area in which a new product or service is tested in order to gather information about customer reaction to the tested product or service.
a)
Industrial Test
b)
Test Market
12.
This primary data collection method collects information by recording the actions of customers without interacting with or communicating with them
a)
Focus Group
b)
Observation
c)
Survey
d)
Test Market
13.
This is a small number of people who are brought together to discuss elements of a specific issue or problem.
a)
Focus Group
b)
Observation
c)
Survey
d)
Test Market
14.
This is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.
a)
Marketing Information System
b)
Industrial Management System
15.
The small business entrepreneur, as well as large businesses, use this tool to effectively gather sales and product information for use in decision-making.
a)
The Advertising Broadcast System
b)
The Point of Sale System
16.
What is one way that a business might use marketing information?
a)
To develop new products
b)
To calculate sales transactions
17.
Which of the following research methods is appropriate when a business wants to obtain in-depth, qualitative information from a few customers:
a)
Structured observation
b)
Personal interview
18.
Which of the following is a source of primary market research:
a)
Focus groups
b)
US Census Bureau
19.
Walmart uses secondary data (information collected by their POS) to plan for new product offerings and predict the sale of certain items. What product will increase in sales by seven times ahead of a predicted hurricane?
a)
Red Seedless Grapes
b)
Whole Milk
c)
Strawberry Pop-Tarts
d)
Large Eggs
20.
One of the advantages of reviewing secondary data it can be done quickly and easily.
a)
True
b)
False
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