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Entrepreneurship Chapter 4

Total questions: 25

Worksheet time: 17mins

Name
Class
Date
1.

The process of dividing a market of potential customers into groups based on different characteristics is called

a)

Market Segmentation

b)

Market Analysis

c)

Demographics

d)

Consumer identification

2.

The term "Demographics" refers to

a)

Grouping potential customers based on their beliefs and preferences

b)

Grouping potential customers based on whether or not they have purchased a product in the past

c)

Grouping potential customers using statistical data such as age, race and gender

d)

Grouping potential customers based on where they live

3.

Which of these is NOT a Demographic characteristic, or a statistical way of grouping people that is tracked in the US Census?

a)

Age

b)

Household Income

c)

Race

d)

Political preference

4.

Segmenting a market based on customers' attitudes, opinions, and interests is called

a)

Demographics

b)

Psychographics

c)

Geographics

d)

Market Segmentation

5.

Which of these answer includes ONLY examples of psychographics?

a)

Interests, opinions, attitudes

b)

Household income, beliefs, race

c)

Age, geographical location, gender

d)

Ethnicity, age, hobbies

6.

Demographics includes grouping customers based on which three of these characteristics?

a)

Marital status

b)

Gender

c)

Ethnicity

d)

Buying habits

7.

Targeting a group of potential consumers using psychographic characteristics might include using data about

a)

music preferences

b)

race

c)

age

d)

gender

8.

A description of a customer or set of customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, is called a

a)

Market segment

b)

Target market

c)

Demographic breakdown

d)

Customer Profile

9.
Customer Analysis(surveys) are a great source to study a customers buying habits.
a)
TRUE
b)
FALSE
10.
The change in climate of the city, where a product is being sold will affect the __________region of the marketing plan.
a)
Geographic
b)
Demographic
c)
Psychographic
d)
Telepathic
11.
Knowing a customers family size can not help determine the demographics of the target market.
a)
TRUE
b)
FALSE
12.

The first step of the Marketing Research Process is

a)

Gathering primary data.

b)

Defining the question.

c)

Evaluate the Results

d)

Analyze the data

13.
This is information that is useful and has already been collected for another purpose.
a)
Primary Data
b)
Secondary Data
14.
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
15.
This is a planned set of questions to which individuals or groups of people respond. 
a)
Survey
b)
Invoice 
16.
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
17.
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
18.
Your indirect competitors are those business that make most of their money selling products or services that are the same as or similar to yours.
a)
True
b)
False
19.
Superior service, easy return policies, and frequent-buyer programs are some of the strategies you can use to maintain customer loyalty.
a)
True
b)
False
20.
Your analysis of competitors should include their prices, locations, and facilities.
a)
True 
b)
False
21.
All of the following can provide information about direct competition except
a)
the Postal Service
b)
the telephone directory
c)
the Chamber of Commerce
d)
observation methods
22.
Small businesses may have difficulty competing with large retailers because large retailers 
a)
develop more complete customer profiles
b)
can keep larger quantities of products in stock
c)
have a larger target market
d)
offer superior service
23.
All of the following are strategies designed to maintain customer loyalty except
a)
providing store-specific credit cards
b)
locating in a city center
c)
listening to customers and responding to feedback
d)
having more convenient hours than other businesses
24.
Competition in a rural area or small town may be different from the competition in a large metropolitan area because
a)
there are fewer competing businesses in a rural area than a large city
b)
the smaller population base may only be able to support one or two businesses
c)
large city businesses will include both direct and indirect competition
d)
all of the listed answers
25.

Small businesses can compete with large retailers by

a)

carrying specialty products

b)

provide superior service

c)

provide more personal service

d)

all of the answers

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