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WorksheetsE-Trip Chapter 4 Test Review
Total questions: 58
Worksheet time: 29mins
Entrepreneurs must regularly evaluate the actions they take as a result of their market research. It is not enough simply to develop a plan of action.
True
False
The value of data mining is the ability of a company to transform individual bits of data into usable information that marketers need to develop successful marketing strategies.
True
False
Market research can be time-consuming and expensive, but it is worthwhile when major decisions must be made.
True
False
You are thinking of opening an ice cream stand near a local school, so you count the number of children who walk past your chosen location every day after school. You are collecting primary data through observation.
True
False
The first step in a competitive analysis is to identify your competitors.
True
False
Locating your direct competition is more difficult than finding your indirect competition.
True
False
Companies that offer similar or identical products to the same group of target customers are called competitors.
True
False
To retain customers, you will need to continually ask them for their opinions about your business and respond to their feedback.
True
False
A market segment consists of people with common characteristics.
True
False
Spreadsheets and databases are used for collecting and analyzing market research data.
True
False
Once you have collected all of your primary and secondary data, the next step is to analyze the data.
True
False
Psychographics are data that help businesses determine how often potential customers use a particular product or service
True
False
Though popular in the past, frequent-buyer programs have fallen out of favor in recent years because they have been shown to have little impact on customer loyalty.
True
False
Surveys should be no more than five pages long if they are mailed to respondents.
True
False
To be successful, all an entrepreneur needs to do is to come up with a good idea.
True
False
The FIRST step of primary market research is to
determine the data needed
collect the data
analyze the data
define the question
Data on all of the following can be found in secondary data resources EXCEPT
the population of towns and neighborhoods
the number of people who purchase soft drinks at the local pizza parlor
employment statistics for specific regions of the country
the average household income in your town
Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?
Dutch Girl Dry Cleaners
Frieda's Dress Shop
Macy's Department Store
all of the above
Businesses use many strategies to maintain customer loyalty, including
providing superior service
offering store-specific credit cards
sending birthday cards to customers
all of the above
In a CRM system, any type of interaction a customer has with a company is called a
business contact
touch point
marketing interaction
B2C interface
Which of the following would likely be the target market for a coffee shop that is located downtown?
stay-at-home moms
young professionals
families
senior citizens
Which of the following is an example of psychographic data?
single man, age 25, income of $50,000/year
suburban dweller, loves country music, eats pizza twice weekly
Hispanic woman, bachelor’s degree, librarian
all of the above
The most common type of primary market research is
a focus group
direct observation
survey
magazine and newspaper articles
A description of the characteristics of the person or company that is likely to purchase a product or service is called a
customer profile
customer segment
market segment
target market
What is an example of primary research?
Magazine
Observation
Newspaper
Government statistics
An online bookstore sent electronic coupons to Carrie 25 times last year. She used 10 of them. What percentage of the electronic coupons did Carrie use?
40%
30%
120%
10%
If you buy 12 tall lattes at Roaster’s Coffee Shop, you get the 13th latte free. Tall lattes cost $3.50. How much do you have to spend before you get the free latte?
$40
$42
$35
$30
An in-depth interview with several target customers who provide ideas on products and services is called a(n) __________.
focus group
interchange
survey
observation
Electronic data __________ is the movement of data between locations in a structured, computer-retrievable format.
relations
customer
interchange
management
Data that help you determine where your potential customers live and how far they will travel to do business with you are called __________.
geographic data
demographics
census
primary data
Data __________ is used to find hidden patterns and relationships in the customer data stored in the data warehouse.
patterns
information
mining
survey
Data that describe a group of people in terms of age, marital status, family size, income, and similar characteristics are called __________.
pyschographics
geographics
demographics
market segments
Groups of customers within a large market who share common characteristics are called __________.
target markets
mass markets
market segments
random people
Identifying and examining the characteristics of a competing firm is called a(n) __________.
competitive analysis
market research
marketing manager
customer relationship management
Which is the last step in the market research process?
define the question
collect the data
take action
evaluate the results
Which characteristic is not demographic?
age
location
gender
ethnicity
Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely looks at the __________ of the customer's demographics.
Gender
Income
Race
Benefit
Which of the following is NOT a geographic segment?
Religion
Weather
Urban
Rural
Which of the following is a way to segment age?
Family Size
Teenagers
Gender
Social Class
Which of the following is NOT a social class?
Middle Class
Toddlers
Working Class
Upper Class
Use-Base segmentation
Psychographic segmentation
When Campbell's makes nacho cheese soup for Texas and Cajun gumbo soup for Louisiana, what kind of segmentation is it practicing?
Geographic
Psychographic
Use-Base
Demographic
