IDENTIFY AND MEET A MARKET NEED

Question 1

WHAT IS A TARGET MARKET?

Answer 1

The target market is the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.

Question 2

The target market is the individuals or companies that are interested in a particular product or service and are willing and able to pay for it.

Answer 2

Target Market

Question 3

uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.

Answer 3

marketing concept

Question 4

are the people who buy the products and services companies offer.

Answer 4

Customers

Question 5

is an unfilled desire of a customer.

Answer 5

economic want

Question 6

is anything that is required to live.

Answer 6

economic need

Question 7

are data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income.

Answer 7

Demographics

Question 8

are data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits.

Answer 8

Psychographics

Question 9

How to identify your target market

Answer 9

1. Who are my customers: individuals or companies?
2. If customers are individuals:
   How old are they?
   How much money do they earn?
   Where do they live?
   How do they spend their time and money?
3. If customers are companies:
   What industries are they in?
   Where are those industries located?
4. What needs or wants will my product or service satisfy?
5. How many potential customers live in the area in which I want to operate?
6. Where do these potential customers currently buy the products or services I want to sell them?
7. What price are they willing to pay for my products or services?
8. What can I do for my customers that other companies are not already doing for them?

Question 10

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

Answer 10

customer profile

Question 11

Groups of customers within a large market who share common characteristics are known as

Answer 11

market segments.

Question 12

is a system for collecting, recording, and analyzing information about customers, competitors, goods, and services.

Answer 12

Market research

Question 13

is data found in already published sources.

Answer 13

Secondary data

Question 14

PLACES TO FIND SECONDARY DATA

Answer 14

Publications issued by government and community organizations, such as the U.S. Census Bureau, the Small Business Administration, and Chamber of Commerce
Books about specific industries
Information on web sites for government and businesses
Books about other entrepreneurs who set up similar businesses
Specialized magazines and journals devoted to particular fields
Newspaper articles and statistics

Question 15

is information collected for the very first time to fit a specific purpose.

Answer 15

Primary data

Question 16

Examples of Primary Data

Answer 16

Questionnaire or survey
Observation
Focus groups

Question 17

FIVE STEPS OF PRIMARY MARKET RESEARCH

Answer 17

Define the question
Select a research method
Collect data
Analyze data
Draw conclusions

Question 18

HOW TO DESIGN A SURVEY

Answer 18

Length of questionnaire

Questions

Question 19

Questions are?

Answer 19

Clear
Easy to answer
Only important questions

Question 20

is competition from a business that makes most of its money selling the same or similar products or services as another business.

Answer 20

Direct competition

Question 21

is competition from a business that makes only a small amount of money selling the same or similar products or services as another business.

Answer 21

Indirect competition

Question 22

COMPETING WITH LARGE BUSINESSES

Answer 22

Large retailers usually are able to keep larger quantities of products in stock.
Large retail chains don’t rely on one single product line.
Large companies usually have more resources to devote to advertising.

Question 23

STUDY INDIVIDUAL COMPETITORS

Answer 23

Price
Location
Facility 
Strengths
Weaknesses
Strategy

Question 24

STRATEGIES FOR MAINTAINING CUSTOMER LOYALTY

Answer 24

Listen and respond to feedback
Other strategies for maintaining loyalty
Superior service
More convenient hours than other businesses
Easy return policies
Store-specific credit cards
Personal notes or cards
Frequent buyer programs