Entrep Ch 4 Exploring Your Market

Question 1

This is a group of people or organizations that may be interested in
buying a given product or service, can afford it, and can do so legally.

Answer 1

A Market

Question 2

This is the development and use of strategies for getting a product or service to customers and generating interest in it.

Answer 2

Marketing

Question 2

This identifies distinctively the goods or services of one organization
from others through a design, symbol, name, term, or other distinguishing features.

Answer 2

Brand

Question 3

This is the collection and analysis of data regarding target markets,
industries, and competitors

Answer 3

Market Research

Question 3

This type of research is carried out indirectly, through existing resources.

Answer 3

Secondary research

Question 3

This type of research is conducted directly on a subject or subjects.

Answer 3

Primary Research

Question 3

Statistics dealing with population data are called what?

Answer 3

Demographics

Question 3

Primary Research methods include?

Answer 3

Personal Interviews
Telephone surveys.
Written surveys
Focus groups (use this to gather information that is generated through group discussion)
Observation
Tracking

Question 4

Secondary Research methods include?

Answer 4

Online searches
Database searches
Industry associations, chambers of commerce, and public
agencies
Review of books and records
Competitor Web sites

Question 5

What do the following acronyms mean?
RMA
PLC

Answer 5

In the same order
Risk Management Association
Product Life Cycle

Question 6

This is composed of customers who have a similar response to a certain type of product, service, or marketing

Answer 6

Market Segment

Question 7

What are the ways Marketers have developed to segment the market?

Answer 7

Geographic (dividing by location)
Demographic (dividing by the people)
Psychographic (dividing by psychological differences)
Behavioral (dividing by purchase behaviors like brand loyalty)

Question 8

This stage of the PLC is the invention and initial-development stages. It is new to the market and is essentially unknown, so you will need to introduce it to potential customers who may be curious about your product but not familiar with it.

Answer 8

Introduction

Question 8

This is the set of four stages that a product or market
goes through from its beginning until its end.

Answer 8

Product Life Cycle

Question 9

At this point of PLC, your competitive advantage has eroded, and
sales and profits are declining. New developments will be necessary to revive the market’s interest.

Answer 9

Decline

Question 9

Stage 2 of PLC where you’ve achieved success in introducing your product

Answer 9

Growth

Question 10

At this stage of PLC, consumers have become knowledgeable
about both you and your competitors. The market has become relatively crowded, and there is no more growth as your product or service is currently offered.

Answer 10

Maturity

Question 11

The position of a product is where?

Answer 11

It is the relative place in the customer’s mind compared with its competitors

Question 12

The goal of market positioning is?

Answer 12

To distinguish your product or service from others being offered to the
market segments you have targeted.

Question 13

The marketing plan can serve as a stand-alone
document or be part of an overall business plan.

Answer 13

This is a statement