Market Research

Question 1

The more you know about your market, the better you will be able to determine customer needs and wants.

Answer 1

Market Research

Question 2

Basic questions in market research

Answer 2

Why - purpose and objective for conducting the market research
What - determines the scope and the limitation of the market research
Which - determines which segment of the market must be studied (the market segment that the entrepreneur is eyeing)
Who - identifies who among the members of the selected market segment will participate.
When - the time and timing of the research. Is critical for entrepreneurs whose product or service will be offered to a time constrained market such as office workers
Where - pinpoints the relevant location for the market research
How - Determines the methodology to be used for the market research (e.g. survey, focus group discussions, observation, etc.)

Question 3

It is a strategic marketing approach and process that is intended to define the specific customer of the product.

Answer 3

Market Identification

Question 4

Three strategic marketing approaches.

Answer 4

Market segmentation
market targeting
market positioning

Question 5

Is an entrepreneurial marketing strategy, designed primarily to “divide the market into small segments with distinct needs, characteristics, or behavior.

Answer 5

Market Segmentation

Question 6

The entrepreneur must divide the total market and focus his/her business strategy to a smaller market that is considered ______ or have similar interests, preferences, needs, wants, and other related variables.

Answer 6

homogeneous

Question 7

_____ identified market segment will be the market that can be served better by the “entrepreneurial venture based on its competencies”

Answer 7

niche entrepreneurial marketing

Question 8

Commonly used methods for segmenting the market are:

Answer 8

Geographic Segmentation
demographic segmentation
psychological segmentation
behavioral segmentation

Question 9

the total market is divided according to geographical locations like provincial regions, cities, provinces, municipalities, and even, barangay units

Answer 9

geographical segmentation

Question 10

the market is divided based in the following demographic variables: age; gender; income; occupation; education, religion; ethnic group; family size

Answer 10

demographics segmentation

Question 11

the market is divided what the customers think and believe. (needs and wants, attitude, social class, personal traits, knowledge and awareness, brand concept, lifestyle)

Answer 11

psychological segmentation

Question 12

the market is divided based on these variables: Perceptions; Knowledge; reactions; benefits; loyalty; responses

Answer 12

behavioral segmentation

Question 13

it is a strategy that can assist the entrepreneur in identifying the particular homogeneous segment to serve.

Answer 13

Market Segmentation

Question 14

factors that must be considered in segmenting the market: (3)

Answer 14

1. accessibility of the market segment
2. size of the market segment
3. distinction of the market segment

Question 15

They are the market segment that the entrepreneurial venture intends to serve.

Answer 15

Market targeting

Question 16

the number of segments to serve determines the appropriate entrepreneurial marketing strategy to use.

Answer 16

Market segment selection

Question 17

Basic entrepreneurial marketing strategies relative to the selected segment

Answer 17

individual or one on one marketing
differentiated marketing
concentrated marketing
mass or undifferentiated marketing

Question 18

the business provides a product that is suited or fitted to the particular need of the consumers.

Answer 18

individual or one on one marketing

Question 19

the entrepreneur covers several segments of the total market

Answer 19

Differentiated marketing

Question 20

____ or sometimes called niche marketing where the business selects only a few segments but intends to serve a large number of customers in the chosen segments.

Answer 20

Concentrated marketing

Question 21

the entrepreneur assumes that his/her product will cater to all types of customers in general

Answer 21

mass or undifferentiated marketing

Question 22

___ plays a significant role in the practice of entrepreneurship. the term positioning simply refers to the act of occupying a certain place.

Answer 22

market positioning

Question 23

simply refer to the process of determining the place of the business in the industry.

Answer 23

business positioning

Question 24

refers to the process of arranging a product to occupy a clear, distinct, and desirable place in relation to other competing products.

Answer 24

market positioning