Ch 4 Ent. Identify and Meet Market Needs

Front

Which of the following would likely be the target market for a coffee shop that is located downtown? stay-at-home moms, young professionals, families, senior citizen

Back

young professionals

Front

Which question should an entrepreneur answer in order to identify the target market? Options: How old are my customers?, What needs or wants will my product satisfy?, How much money do my customers have?, all of the above

Back

all of the above

Front

To be successful, all an entrepreneur needs to do is to come up with a good idea.

Back

False

Front

Data that describe a group of people in terms of age, marital status, family size, income, and similar characteristics are called __________.

Back

demographics

Front

A market segment consists of people with common characteristics.

Back

True

Front

Which of the following is an example of psychographic data? single man, age 25, income of $50,000/year; suburban dweller, loves country music, eats pizza twice weekly; Hispanic woman, bachelor’s degree, librarian; all of the above

Back

suburban dweller, loves country music, eats pizza twice weekly

Front

Data that help you determine where your potential customers live and how far they will travel to do business with you are called _______________.

Back

geographic

Front

Market research can be time-consuming and expensive, but it is worthwhile when major decisions must be made.

Back

True

Front

What is the average number of teenagers wearing T-shirts each day based on the following counts? Day 1: 47, Day 2: 33, Day 3: 50, Day 4: 34

Back

41

Front

Data on all of the following can be found in secondary data resources EXCEPT: the population of towns and neighborhoods, employment statistics for specific regions of the country, the average household income in your town.

Back

the number of people who purchase soft drinks at the local pizza parlor