By Cindy Ravalo
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As an entrepreneur you may find that indirect competitors:
What is, are more difficult to locate than direct competitors?
Data that you have just collected for the first time is known as:
What is primary data?
Before doing primary research you should
What is, conduct secondary research?
Disadvantages of primary market research:
What are costs a lot of time and money?
The data just collected in a telephone survey is known as:
What is primary data?
Competition by a business that makes only a small amount of money selling the same of similar products or services as another business is __________ competition.
What is indirect?
Competition from a business that makes most of its money selling the same or similar types of products as another business.
What is direct?
Auto Zone is what type of competitor to Pep Boys?
What is direct?
What type of competitor is a supermarket to a pizza shop?
What is indirect?
Compared to smaller businesses large retail chains are able to keep __________ amounts of inventory and selection in stock.
What is larger?
Income and age statistics are examples of this type of data:
What are demographics?
Psychographics are data that describe people in terms of their:
What are opinions (likes, dislikes, preferences)?
What type of research method is recommended for counting customers entering a store?
What is observation?
Interview with groups of target customers who provide valuable ideas on products or services.
Who are focus groups?
System for collecting, recording, and analyzing information about customers, competition, goods and services.
What is market research?
Part of the understanding of your customers is knowing their demographics and __________.
What are psychographics?
A description of the characteristics of the person or company that is likely to purchase a product or service is a ___________.
What is a customer profile?
___________ are groups of customers who share common characteristics?
What are market segments?
An opportunity exists for an entrepreneur when a customer need is going unmet by a _________.
What is a competitor?
Information collected for the first time by observation or surveys forms __________.
What is primary data?
Customers who want and are able to pay for your product or service are known as:
What is a target market?
A description of the characteristics of the person or company that is likely to purchase a product or service is a:
What is a customer profile?
Uses the needs of the customers as the primary focus during the planning, production, distribution, and promotion of a product.
What is marketing concept?
People who buy the products or services companies offer.
Who are customers?
Data found in already published sources.
What is secondary?
Groups of customers that share common characteristics.
What are market segments?
Which type customers is the most important type of customers for you to have?
Who are repeat customers?
Identifying your _______ helps you to reach the people you most want to sell to.
What is target market?
Without ______ companies cannot remain in business?
What are customers?
A questionnaire or _______ can be read over the phone or mailed to respondents.
What is a survey?
List the five steps of primary market research in order.
Define the question, select a research method, collect data, analyze data, and draw conclusions.