WorksheetsBFCA- The Market Environment
Total questions: 7
Worksheet time: 7mins
1. “When considering the promotion of a cultural event, it is recommended that the cultural entrepreneur understands the market environment.” Which of the following activities BEST facilitate the process of understanding the market environment?
a) Determining the market demand, developing a customer profile and conducting the 5 Wʼs.
b) Determining the market demand, developing a customer profile and undertaking a competitor analysis
c) Developing a customer profile, knowing the cost of goods and services, and building relationships with suppliers
d) Undertaking a competitor analysis, working with suppliers and building a product brand.
2. A cultural entrepreneur needs to have information about his potential customers. This type of information is classified as:
a) customer and competitor profiles
b) demographic and customer profiles
c) customer and psychographic profiles
d) demographic and psychographic profiles
3. The age, income and education of a customer will be classified as ______________________ data for a company.
Quantitative
Qualitative
Demographic
Psychographic
4. Prices, customer reviews, culture(attitudes, beliefs), strengths and weaknesses are all information found in:
a) Quantitative data
b) Customer's Profile
c) Competitor's profile
d) A questionnaire
5. A market research must be done before introducing a product/service to the potential customers. Which group BEST illustrates the primary methods of research one will use to find a musician to join a band?
Focus Group and Survey
Observation and Interview
Questionnaire and website
Interview and Questionnaire
6. What are two disadvantages of Secondary Research data?
a) It is specific and not time-consuming
b) It is cost effective and up to date
c) One has no control over the data quality and it is not current information
d) You possess ownership and it is not time consuming
7. Jerry has a business that designs and sell clothes for ballet dancers online. This is business is BEST known as:
a) A niche market
b) Supply and demand business
c) Product Branding
d) All of the Above
