WorksheetsENT Chapter 4 Test
Total questions: 44
Worksheet time: 22mins
Name
Class
Date
1.
First Name
4 lines
2.
Last Name
4 lines
3.
Elon Musk was born in which country?
a)
United States
b)
Canada
c)
South Africa
d)
England
4.
Elon Musk founded all the following companies except.
a)
Tesla
b)
PayPal
c)
X formerly Known as Twitter
d)
Apple
5.
Elon Musk ultimate goal is to colonize Mars.
a)
True
b)
False
6.
Two disadvantages of collecting primary data are the costs and time involved.
a)
True
b)
False
7.
A _______________ is an in-depth interview with a group
of target customers who provide valuable ideas.
a)
Sample Size
b)
Focus Group
c)
Target Market
d)
Trade Show
8.
Time Consuming is a disadvantage for which research method?
a)
Secondary
b)
Variable
c)
Primary
d)
Optional
9.
Businesses do not need to identify their target market in order to succeed.
a)
True
b)
False
10.
To be successful, all an entrepreneur needs to do is to come up with a good idea.
a)
True
b)
False
11.
Longer surveys are always better because you can collect more information.
a)
True
b)
False
12.
A market segment consists of people with common characteristics.
a)
True
b)
False
13.
Psychographics are data that help businesses determine how often potential customers use a particular product or service.
a)
True
b)
False
14.
Spreadsheets and databases are used for collecting and analyzing market research data.
a)
True
b)
False
15.
Surveys should be no more than five pages long if they are mailed to respondents.
a)
True
b)
False
16.
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.
a)
True
b)
False
17.
A major disadvantage of collecting primary data is that it can be time-consuming and expensive.
a)
True
b)
False
18.
Once you have collected all of your primary and secondary data, the next step is to determine how to use the data to make a decision.
a)
True
b)
False
19.
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.
a)
True
b)
False
20.
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.
a)
True
b)
False
21.
Companies that offer similar or identical products to the same group of target customers are called competitors.
a)
True
b)
False
22.
Locating your direct competition is more difficult than finding your indirect competition.
a)
True
b)
False
23.
The first step in a competitive analysis is to make a list of your competitors.
a)
True
b)
False
24.
To retain customers, you will need to continually ask them for their opinions about your business and respond to their feedback.
a)
True
b)
False
25.
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.
a)
True
b)
False
26.
Which of the following is not a reason that entrepreneurs need to know who their customers are?
a)
knowing who your customers are can help you estimate demand for products and services
b)
customers are a business’s most important asset
c)
customers have no influence on products or services offered
d)
companies cannot remain in business without customers
27.
To identify your target market, you need to know
a)
who your customers are
b)
how old your customers are
c)
where your potential customers currently shop
d)
all of the above
28.
Data that help you determine where your potential customers live and how far they will travel to do business with you are
a)
geographic data
b)
use-based data
c)
psychographics
d)
demographics
29.
Which of the following is an example of secondary data?
a)
a survey
b)
statistics from a government website
c)
observation of customer behavior
d)
all of the above are examples of secondary data
30.
Sources of primary data include
a)
newspaper articles
b)
publications issued by government and community organizations
c)
customer feedback from a survey
d)
trade magazines and websites
31.
It is difficult for small businesses to compete with large retailers because
a)
large retailers are able to order and stock products in larger quantities
b)
large retail chains don’t rely on a single product line
c)
large companies have more resources to devote to advertising
d)
all of the above
32.
Which of the following is not a step involved when preparing a competitive analysis?
a)
make a list of all competitors
b)
summarize products and prices offered by competitors
c)
create a customer profile
d)
list your competitors’ strengths and weaknesses
33.
Which of the following is not a good way to get customer feedback?
a)
check with your competition
b)
call customers the day after they make a purchase
c)
use a customer feedback box
d)
have customers complete a survey after shopping with you
34.
Which of the following is a strategy for maintaining customer loyalty?
a)
keeping standard business hours
b)
adhering to strict return policies
c)
offering superior service
d)
none of the above
35.
Which question should an entrepreneur answer in order to identify the target market?
a)
How old are my customers?
b)
What needs or wants will my product satisfy?
c)
How much money do my customers have?
d)
all of the above
36.
A description of the characteristics of the person or company that is likely to purchase a product or service is called a
a)
market segment
b)
customer profile
c)
customer segment
d)
target market
37.
Which of the following is an example of psychographic data?
a)
single man, age 25, income of $50,000/year
b)
suburban dweller, loves country music, eats pizza twice weekly
c)
Hispanic woman, bachelor’s degree, librarian
d)
all of the above
38.
The most common type of primary market research is
a)
a survey
b)
direct observation
c)
a focus group
d)
magazine and newspaper articles
39.
Data on all of the following can be found in secondary data resources EXCEPT
a)
employment statistics for specific regions of the country
b)
the average household income in your town
c)
the number of people who purchase soft drinks at the local pizza parlor
d)
the population of towns and neighborhoods
40.
The FIRST step of primary market research is to
a)
determine the data needed
b)
analyze the data
c)
define the question
d)
collect the data
41.
In a CRM system, any type of interaction a customer has with a company is called a
a)
B2C interface
b)
business contact
c)
marketing interaction
d)
touch point
42.
Which of the following would likely be the target market for a coffee shop that is located downtown?
a)
senior citizens
b)
stay-at-home moms
c)
young professionals
d)
families
43.
Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?
a)
Dutch Girl Dry Cleaners
b)
Frieda’s Dress Shop
c)
Macy’s Department Store
d)
all of the above
44.
Businesses use many strategies to maintain customer loyalty, including
a)
providing superior service
b)
offering store-specific credit cards
c)
sending birthday cards to customers
d)
all of the above
100 %
