Which of the following is not a reason that entrepreneurs need to know who their customers are?

customers have no influence on products or services offered

knowing who your customers are can help you estimate demand for products and services

customers are a business’s most important asset

companies cannot remain in business without customers

To identify your target market, you need to know

where your potential customers currently shop

Which of the following is an example of secondary data?

statistics from a government website

observation of customer behavior

all of the above are examples of secondary data

Sources of primary data include

customer feedback from a survey

publications issued by government and community organizations

It is difficult for small businesses to compete with large retailers because

large retailers are able to order and stock products in larger quantities

large retail chains don’t rely on a single product line

large companies have more resources to devote to advertising

Which of the following is not a step involved when preparing a competitive analysis?

summarize products and prices offered by competitors

list your competitors’ strengths and weaknesses

Which of the following is not a good way to get customer feedback?

call customers the day after they make a purchase

have customers complete a survey after shopping with you

Which of the following is a strategy for maintaining customer loyalty?

keeping standard business hours

adhering to strict return policies

Which question should an entrepreneur answer in order to identify the target market?

What needs or wants will my product satisfy?

How much money do my customers have?

Which of the following is an example of psychographic data?

suburban dweller, loves country music, eats pizza twice weekly

single man, age 25, income of $50,000/year

Hispanic woman, bachelor’s degree, librarian

The most common type of primary market research is

magazine and newspaper articles

Data on all of the following can be found in secondary data resources EXCEPT

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

employment statistics for specific regions of the country

the average household income in your town

the population of towns and neighborhoods

Businesses use many strategies to maintain customer loyalty, including

offering store-specific credit cards

sending birthday cards to customers

ENT Chapter 4 Test

Business

11th Grade

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OPEN ENDED QUESTION

30 sec • Ungraded

First Name

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Last Name

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MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Elon Musk was born in which country?

United States

Canada

South Africa

England

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Elon Musk founded all the following companies except.

Tesla

PayPal

X formerly Known as Twitter

Apple

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Elon Musk ultimate goal is to colonize Mars.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Two disadvantages of collecting primary data are the costs and time involved.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A _______________ is an in-depth interview with a group of target customers who provide valuable ideas.

Sample Size

Focus Group

Target Market

Trade Show

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ENT Chapter 4 Test

First Name

Last Name

Elon Musk was born in which country?

Elon Musk founded all the following companies except.

Elon Musk ultimate goal is to colonize Mars.

Two disadvantages of collecting primary data are the costs and time involved.

A _______________ is an in-depth interview with a group of target customers who provide valuable ideas.

Time Consuming is a disadvantage for which research method?

Businesses do not need to identify their target market in order to succeed.

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

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