Indicate whether the statement is true or false. Once you have collected all of your primary and secondary data, the next step is to analyze the data.

Indicate whether the statement is true or false. 4. Locating your direct competition is more difficult than finding your indirect competition.

Indicate whether the statement is true or false. 5. Spreadsheets and databases are used for collecting and analyzing market research data.

Indicate whether the statement is true or false. 6. The executive summary should be written before you write the business plan.

Indicate whether the statement is true or false. 7. 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.

Indicate whether the statement is true or 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.

Indicate whether the statement is true or false. 9. To be successful, all an entrepreneur needs to do is to come up with a good idea.

Indicate whether the statement is true or false. 11. The first step in a competitive analysis is to identify your competitors.

Indicate whether the statement is true or false. 12. Trade associations exist to provide information, education, and networking opportunities to individuals in their industry.

The introduction section of the business plan includes a description of the business and goals, the ownership and legal structure, the skills and experience you have, and your advantages over competitors.

The content of all business plans is the same, no matter the size or type of business.

Your business plan needs to convince readers that you have come up with a practical business idea.

Business plans should never be handwritten.

Surveys should be no more than five pages long if they are mailed to respondents.

Companies that offer similar or identical products to the same group of target customers are called competitors.

Lenders and investors require a business plan before they will consider financing a business.

Lenders want to know where your business will be located because the location of a business is often a critical factor to its success.

The statement of purpose in a business plan should be at least two pages.

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.

You should never reveal any financial information in a business plan, in case the plan falls into the wrong hands.

To retain customers, you will need to continually ask them for their opinions about your business and respond to their feedback.

A business plan makes you think about all aspects of your business.

Market research can be time-consuming and expensive, but it is worthwhile when major decisions must be made.

A market segment consists of people with common characteristics.

Your business plan should never—under any circumstances—list any risks or potential problems your new business could face.

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.

Which of the following is NOT a common mistake entrepreneurs make in their business plans?

A business plan

Data on all of the following can be found in secondary data resources EXCEPT

Which of the following is a good resource when preparing your business plan?

The title page of your business plan includes

Which of the following is a resource for information on a business plan?

Which question should an entrepreneur answer in order to identify the target market?

Which of the following is NOT one of the main purposes of a business plan?

The FIRST step of primary market research is to

The most common type of primary market research is

A description of the characteristics of the person or company that is likely to purchase a product or service is called a

Which of the following is included in the introductory elements of a business plan?

Which part of the business plan includes supporting documents that back up statements made in the body of the report?

An existing business

Which of the following would likely be the target market for a coffee shop that is located downtown?

Businesses use many strategies to maintain customer loyalty, including

Within the main body of the business plan, which section contains information about the ownership structure of the business?

Marti’s Boutique sells custom-made dresses. Which of the following is an indirect competitor to Marti’s Boutique?

Which of the following is an example of psychographic data?

In a CRM system, any type of interaction a customer has with a company is called a

The __________ section of your business plan should describe your products and services, the market, the industry, and your location.

52. A(n) __________ is a written document that describes all the steps necessary for opening and operating a successful business.

53. A(n) __________ is a short restatement of your business plan.

54. Organizations made up of professionals in a specific industry are called __________.

A letter that introduces and explains an accompanying document or set of documents is called a(n) __________.

56. An in-depth interview with several target customers who provide ideas on products and services is called a(n) __________.

A business that makes most of its money selling the same or similar products to the same market as other businesses is __________ competition.

Data that help you determine where your potential customers live and how far they will travel to do business with you are called __________.

59. A(n) __________ strategy, or exit strategy, is the way an entrepreneur intends to extract his or her money from a business after it is operating successfully.

60. The personal financial statement of the owner would be included in the __________ to the business plan.

61. A(n) __________ (or questionnaire) is a list of questions you would like to ask your customers to find out demographic and psychographic information.

A financial statement based on projected revenues and expenses is called a(n) __________ financial statement.

Groups of customers within a large market who share common characteristics are called __________.

Data that describe a group of people in terms of age, marital status, family size, income, and similar characteristics are called __________.

65. __________ refers to a company's efforts to understand customers as individuals instead of as part of a group.

66. Electronic data __________ is the movement of data between locations in a structured, computer-retrievable format.

67. Data __________ is used to find hidden patterns and relationships in the customer data stored in the data warehouse.

68. The __________ is made up of thousands of retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how.

The U.S. __________ is an independent agency of the federal government that was created to help Americans start, build, and grow businesses.

Identifying and examining the characteristics of a competing firm is called a(n) __________.

The three basic components of a business plan are:

A data warehouse is:

A target market is:

The research process is important to writers of a business plan because:

Three types of information your local chamber of commerce provides that is helpful to entrepreneurs are:

A statement of purpose and an executive summary differ in their purpose and content.

Identify the correct order of the six steps involved in primary market research.

Sales forecasts or goals that should be included in a business plan are:

Three risks often faced by new businesses are:

Market research is:

Which of the following are ways that a business owner can stay in touch with customer needs?

The process of market segmentation is important because:

A statement of purpose is a brief explanation of why you are asking for a loan and what you plan to do with the money. An ________ is a short restatement of your business plan. (Fill in the blank)

List the six steps: define the question, determine the data needed, collect the data, analyze the data, take action, and ________ the results.

A good business plan includes sales projections for the short term (the first year), the medium term (two to five years after startup), and the ________ term (five years into the future).

Three risks often faced by new businesses include competitors cutting prices, costs exceeding projections, and demand for the product/service ________ over time.

Market research is a system for collecting, recording, and analyzing information about customers, competitors, products, and ________. (Fill in the blank)

A business owner may call customers after sales to ensure they are satisfied with their purchase; offer a customer feedback box where customers can put their comments about the business; or conduct a ________ for their customers to complete.

Market segmentation is important because most products/services appeal to only a ________ portion of the population.