Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Technopreneurship > Market Identification & Analysis > Flashcards

Market Identification & Analysis Flashcards

1
Q

In order to grow, there must be ______ who have yet to be reached.

A

potential customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

_______ companies may use firmographic segmentation to divide up the businesses in a
market.

A

Business to business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

You may be able to obtain demographic data from customers directly by looking at their
___.

A

Social media

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Enables brands to develop strategies for various types of consumers based on how they
perceive the overall value of specific products and services.

A

Segmentation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Benefits of finding a target market.

A

More effective marketing mix
Helps you choose the right marketing channel
Use limited time, money, and resources efficiently
Maximizes sales and profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Enumerate the Types of Market

A

Auction
Black
Financial
Market for intermediate goods
Physical
Virtual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Key success factors is also known as __________________.

A

Competitive emphasis/strategic posture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

_______________ state the important elements required for a company to compete in its
target markets.

A

Key success factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

____________________ are a significant part of the marketing analysis.

A

Market trend

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

When a middleman or intermediary is involved in the distribution process, it means the
organization is using ____________________ of Distribution.

A

Indirect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

It is a distribution level through which an organization directly sells its products to the
customers without the involvement of any intermediary.

A

Direct channel/ zero level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A set of middlemen or intermediaries who help an organization in the flow of goods and
services from the manufacturers to the consumers.

A

Distribution channel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

These are a company’s support systems, and the functions that allow it to maintain daily operations.

A

Infrastructure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

These activities relate to managing and processing information, as well as protecting a
company’s knowledge base.

A

Technological development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

This is how well a company recruits, hires, trains, motivates, rewards, and retains its
workers.

A

Human resource management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

This is what the organization does to get the resources it needs to operate. This includes finding vendors and negotiating the best prices.

A

Procurement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

These activities support the primary functions.

A

Supporting activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

These are the activities related to maintaining the value of your product or service to your
customers, once it’s been purchased.

A

Service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

These are the processes you use to persuade clients to purchase from you instead of your
competitors.

A

Marketing and sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

These activities deliver your product or service to your customer. These are things like
collection, storage, and distribution systems, and they may be internal or external to your
organization.

A

Outbound logistics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

These are the transformation activities that change inputs into outputs that are sold to customers.

A

Operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

These are all the processes related to receiving, storing, and distributing inputs internally.

A

Inbound logistics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are the two elements in Porter’s Value Chain?

A

Primary activities
Supporting activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

It is a set of activities that an organization carries out to create value for its customers.

A

Value chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

He introduced the concept of value chain.

A

Michael Porter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

This model is useful for determining where value is added and for isolating the costs.

A

Porter’s value chain model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

It is a significant factor while running a business. It basically sees how much cost is required to get your products for sale.

A

Industry cost structure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

______________ is the profit earned after reducing operational costs, depreciation, and dividend from gross profit.

A

Net profit margin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

The percentage of earnings to sales before interest expense and income taxes.

A

Operation profit margin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

The ratio of net profit to sales.

A

Net profit margin

31
Q

Its earnings before interest, tax, depreciation, and amortization.

A

EBITDA

32
Q

________ is commonly used to compare a company’s performance with others and is widely used in valuation and project financing.

A

EBITDA

33
Q

The ratio of gross profit to sales means the entity can recover its cost of production from
the revenue it is earning.

A

Gross profit margin

34
Q

It refers to a company’s or business’s ability to earn income in excess of its expenses.

A

Profitability

35
Q

_____________________ is the expansion of a market’s size, value, or volume over time.

A

Market growth

36
Q

The __________________ represents the overall realized sales volume of a specific
market.

A

Market volume

37
Q

The volume and potential of the market determine _______________.

A

Market size

38
Q

What are the four goals of market analysis?

A

Attractiveness of the market
New business opportunities
Under the mind of customer
Understand dynamics of market

39
Q

The _______________ is to provide an overview of the market’s features and potential future trends in order to assist businesses with making educated decisions, identifying opportunities, and developing strategies to meet their goals and objectives.

A

Market study

40
Q

_____________________ seeks to examine and comprehend market circumstances, trends, and competition in order to make sound business decisions.

A

Market analysis

41
Q

__________________ is a detailed investigation of a specific market within an industry, including market size, critical success factors, distribution methods, target audience, profitability and growth rate, and market trends.

A

Market analysis

42
Q

Type of market segmentation wherein buy different items at different times of the
year. Major holidays such as Christmas and Hanukkah also significantly impact purchasing.

A

Seasonal segmentation

43
Q

Type of market segmentation wherein you segment your market into groups based on
where they are in their lives.

A

Lifestage segmentation

44
Q

Businesses may segment consumers by generation and group them into categories that
include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.

A

Generational segmentation

45
Q

This is similar to demographic segmentation with individual consumers but instead looks at the characteristics of companies that may become customers.

A

Firmographic segmentation

46
Q

A type of market segmentation wherein some businesses will split up a market based on
the “transactional worth” of their customers — how much they’re likely to spend on their
products.

A

Value segmentation

47
Q

Give the six examples of psychographic characteristic.

A

Attitudes
Beliefs
Interests
Lifestyle
Physical traits
Values

48
Q

It is similar to demographic segmentation, but it focuses on mental and emotional characteristics.

A

Psychographic segmentation

49
Q

A simple but effective segmentation strategy wherein your market is divided based on their location.

A

Geographic segmentation

50
Q

It is segmenting your market based on consumer behaviors, particularly those related to your product.

A

Behavioral segmentation

51
Q

It refers to segmenting audiences based on observable, person-based differences.

A

Demographic segmentation

52
Q

_____________________ is the process of dividing a target market into smaller groups with similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.

A

Market segmentation

53
Q

What are the four medium of mass marketing?

A

Magazine & email marketing
Newspaper
Social media
Television/radio

54
Q

It is a setting where two or more parties exchange products, services, and information.

A

Market

55
Q

The ___________ and ______________ are the two parties involved in a transaction.

A

Buyer
Seller

56
Q

The _____________ determines the prices for goods and other services regardless of the
situation.

A

Market

57
Q

_____________________ is an undifferentiated marketing strategy in which the organization decides to ignore niche marketing, market segments and attempts to appeal to the entire market with one strategy or one offer.

A

Mass marketing

58
Q

T/F. Supply is produced by buyers.

A

False

59
Q

T/F. Demand is produced by buyers.

A

True

60
Q

T/F. Primary data may be replaced by secondary data provided by governmental organizations,
consulting firms, etc., or it may be further supplemented.

A

True

61
Q

T/F. Consumer surveys, pricing experiments, in-person interviews, focus groups, etc. are examples of secondary research methodologies.

A

False

62
Q

T/F. The target market’s interests, goals, and pastimes are included in the demographics.

A

False

63
Q

T/F. A consumer’s demographics include information about their age, income, and level of education.

A

True

64
Q

T/F. A thorough understanding of the target market will help you implement effective and
targeted promotion, cater to your most valuable customers, design new products that meet customer needs, choose the best outlets for your product(s), and provide services that meet the needs and demands of your market.

A

True

65
Q

T/F. Knowing the target market is not beneficial for the creation of products as well as for the
execution of marketing strategies and the choice of suitable sales channels.

A

False

66
Q

T/F. While creating a new product or service or entering a new market outlet, it is crucial for
any firm to identify their core consumer group.

A

True

67
Q

These markets offer the things that are used as raw materials in the manufacture of other
products.

A

Market for intermediate goods

68
Q

Any location where bonds, currencies, and other securities are traded between two parties.

A

Financial market

69
Q

An illicit exchange or marketplace where deals are made without the knowledge or
supervision of authorities or regulatory bodies.

A

Black market

70
Q

Type of market wherein the purchasers or bidders compete with one another.

A

Auction market

71
Q

Customers in these markets make online purchases of goods and services.

A

Virtual/Non-physical market

72
Q

A place where buyers and sellers may interact in person and exchange money for the desired goods.

A

Physical market

73
Q

A gathering place for consumers and sellers where they can exchange goods and services.

A

Market

Technopreneurship (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions