WorksheetsPrinciples of Entrepreneurship Unit 3, Week 4, CH:7.2
Total questions: 10
Worksheet time: 5mins
A business in your market who sells something similar to yours
Direct Competition
Indirect Competition
Competitive Intelligence
Competitive Advantage
Competitive Matrix
A business who sells something different than your business but still fills the same customer need or want
Direct Competition
Indirect Competition
Competitive Intelligence
Competitive Advantage
Competitive Matrix
Data collected about your competitor due to being rivals with whom you are fighting for customer dollars within certain target markets
Direct Competition
Indirect Competition
Competitive Intelligence
Competitive Advantage
Competitive Matrix
When your business is ahead of the competition/rival businesses
Direct Competition
Indirect Competition
Competitive Intelligence
Competitive Advantage
Competitive Matrix
How many steps are associated with Researching a Market
4
5
6
7
UP-TEEN
First step taken to research a market
Identify Research Objective
Determine Methods and Sources
Gather Data
Organize Data
Analyze Data
Last Step in Researching a Market
Draw Conclusion
Determine Methods and Sources
Gather Data
Organize Data
Analyze Data
Which step in Researching a Market deals with deciding on using Primary or Secondary Data or a mix of the two data types
Draw Conclusion
Determine Methods and Sources
Gather Data
Organize Data
Analyze Data
Which step of Researching a Market would deal with grouping indirect competitors into categories by industry, product, or service
Draw Conclusion
Determine Methods and Sources
Gather Data
Organize Data
Analyze Data
All of the following deal with Drawing a Conclusion (Step 6 of Market Research) EXCEPT
Expanded SWOT (Strengths, Weaknesses, Opportunities, Threats)
Carrying Capacity (Can your business be carried by customers)
Target Market (a Definite Market for your product or service-Room for you business amongst competitors)
Market Size/Demand (How large is the Target Market and how much demand is there for your product or service)
Analyzing Industry Data (Composed of industry size, potential room for industry growth)
