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Identify and Meet a Market Need

Identify and Meet a Market Need

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Identify and Meet a Market Need

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  1. Identify and Meet a Market Need 4.1 Identify Your Market 4.2 Research the Market 4.3 Know Your Competition

  2. True/FalseIndicate whether the statement is true or false A market segment consists of people with common characteristics.

  3. True

  4. True/FalseIndicate whether the statement is true or false Surveys should be no more than five pages long if they are mailed to respondents.

  5. False

  6. True/FalseIndicate 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

  7. True

  8. True/FalseIndicate whether the statement is true or false A major disadvantage of collecting primary data is that it can be time-consuming and expensive.

  9. True

  10. True/FalseIndicate whether the statement is true or false 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.

  11. False

  12. True/FalseIndicate whether the statement is true or false 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.

  13. True

  14. True/FalseIndicate whether the statement is true or false 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.

  15. True

  16. True/FalseIndicate whether the statement is true or false Companies that offer similar or identical products to the same group of target customers are called competitors.

  17. True

  18. True/FalseIndicate whether the statement is true or false The first step in a competitive analysis is to make a list of your competitors.

  19. True

  20. True/FalseIndicate whether the statement is true or false 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.

  21. False

  22. 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

  23. d. all of the above

  24. A description of the characteristics of the person or company that is likely to purchase a product or service is called a customer profile customer segment market segment target market

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

  26. 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

  27. Which of the following is an example of psychographic data? b. suburban dweller, loves country music, eats pizza twice weekly

  28. The most common type of primary market research is a. a focus group b. direct observation c. a survey d. magazine and newspaper articles

  29. The most common type of primary market research is c. a survey

  30. Data on all of the following can be found in secondary data resources EXCEPT a. the population of towns and neighborhoods b. the number of people who purchase soft drinks at the local pizza parlor c. employment statistics for specific regions of the country d. the average household income in your town

  31. Data on all of the following can be found in secondary data resources EXCEPT b. the number of people who purchase soft drinks at the local pizza parlor

  32. The FIRST step of primary market research is to a. determine the data needed b. collect the data c. analyze the data d. define the question

  33. The FIRST step of primary market research is to d. define the question

  34. In a CRM system, any type of interaction a customer has with a company is called a a. business contact b. touch point c. marketing interaction d. B2C interface

  35. In a CRM system, any type of interaction a customer has with a company is called a b. touch point

  36. Which of the following would likely be the target market for a coffee shop that is located downtown? a. stay-at-home moms b. young professionals c. families d. senior citizens

  37. Which of the following would likely be the target market for a coffee shop that is located downtown? b. young professionals

  38. 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

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

  40. 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

  41. Businesses use many strategies to maintain customer loyalty, including d. all of the above