Deck 4: Exploring Your Market

Question 1

An entrepreneur's market is ________.

A) people who like your product
B) the same as competitors' markets
C) a three square-block area surrounding his or her location
D) the group of people who are current and possible future customers

Answer 1

D

Question 2

What is the third step of deciding who the potential customers are for your business?

A) understanding who might actually buy your product or service
B) understanding who needs your product or services
C) analyzing who has the authority to buy
D) analyzing the buying process that leads customers to your product or service

Answer 2

D

Question 3

Explain why marketing is considered the business function that should drive all a business's decisions.

Answer 3

Marketing is the business function that identifies a business's customers and their needs and wants. Through marketing, the name of a business comes to mean something clear and concrete in the customer's mind. Above all, marketing is the way a business tells its customers that it is committed to meeting their needs.

Question 4

A business that markets is the same as a market-driven business.

Question 5

Dividing a population on the basis of age, gender, income or education is ________.

A) marketing statistics
B) demographics
C) behavioral data
D) psychographics

Question 6

Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers.

A) publicity
B) advertising and publicity
C) advertising
D) coupons

Question 7

A ________ identifies distinctively the goods or services of one organization from others through a design, symbol, name, term or other distinguishing features.

A) product
B) brand
C) strategy
D) positioning

Question 8

Psychographic analysis and behavioral analyses are examples of methods of ________.

A) market research
B) market segmentation
C) marketing
D) positioning

Question 9

Which of the following is not a stage in the product life cycle (PLC)?

A) Competitive
B) Growth
C) Maturity
D) Decline

Question 10

Which of the following is a step in determining how customers decide to buy a product?

A) Determine the need it meets.
B) Analyze the buying process.
C) Think about who might actually buy it.
D) All of the above.

Question 11

The most important thing you should do before launching your product or service is ________.

A) thoroughly research the market
B) raise enough capital
C) design your logo
D) hire the right employees

Question 12

________ is the business function that identifies customers and their needs and wants.

A) Marketing
B) Advertising
C) Selling
D) Promoting

Question 13

Which of the following is not a step in the buying process?

A) awareness
B) demographic analysis
C) information search
D) evaluation of purchase

Question 14

Research carried out indirectly through other existing resources is called ________.

A) secondary research
B) primary research
C) literature analysis
D) post-secondary research

Question 15

Which of the following aspects of a product/service is the most important to focus on when selling?

A) benefits
B) features
C) price
D) usefulness

Question 16

Consumers who have a similar response to a certain type of marketing can be classified as a ________.

A) market segment
B) target market
C) market
D) small niche

Question 17

Marketing is ________.

A) satisfying customers at a profit
B) the business function that identifies customers and their needs and wants
C) product, place, promotion, and price
D) All of the above.

Question 18

Which business function do experts agree you should focus on first when preparing to start a business?

A) operations
B) marketing vision
C) financing
D) core concepts

Question 19

Your best option in market research is generally primary rather than secondary research.

Question 20

In doing research, there are several choices to help you. Among these are ________.

A) business library
B) magazine articles
C) Internet research
D) All of the above.

Question 21

By teaching customers how to use its products, Home Depot is helping customers see the ________ of its products.

A) ramifications
B) benefits
C) features
D) utility

Question 22

The product life cycle compares gross profit to sales as a product/service moves through its life stages.

Question 23

Explain the difference between features and benefits and how it applies to sales.

Question 24

Explain what market segmentation is and how it applies to marketing.

Question 25

How are demographic, psychographic and behavioral segmentation different?

Question 26

________ ask(s) people directly, through interviews or questionnaires, about their perceptions of a product or service.

A) General research
B) Industry research
C) Statistical research
D) Surveys and focus groups

Question 27

What is a focus group?

A) It is a method of market research that involves bringing together some people who might use a product and having a researcher question them about it.
B) It is a method of market research that focuses on how the industry is performing.
C) It is a method of market research that involves collecting statistics about a group of people who might use a product.
D) It is a method of research that uses unhappy customers.

Question 28

Market research can help you get a fix on who your customers are and ________.

A) where you can reach them
B) what they want and need
C) how they behave
D) All of the above.

Question 29

The positioning statement for a business includes its name/brand, its competitive industry/category, ________, and audience/target market.

A) features and points of difference
B) benefits or points of difference
C) benefits and similarities
D) pricing and distribution

Question 30

A marketing plan can serve as a stand-alone document or be part of an overall business plan.

Question 31

The set of four stages that a product or market goes through from its beginning until its end is called the ________.

A) phases of product maturity
B) product life cycle
C) marketing cycle
D) product stages cycle

Question 32

The product life cycle phases include ________.

A) introduction
B) decline
C) growth and maturity
D) All of the above.

Question 33

Positioning your product in the market involves ________.

A) buying advertising and obtaining publicity
B) distinguishing your product by demonstrating to customers that it is the cheapest in the market
C) distinguishing your product from others being offered to the market segments you have targeted
D) moving it to the top in search engine optimizing

Question 34

Analyze the buying process that leads customers to your product or service.

Question 35

Smart marketers always emphasize ________.

A) benefits, not features
B) features, not benefits
C) benefits, not prices
D) None of the above.

Question 36

Market research is typically ________.

A) complete when the product or service is introduced
B) complete within six months after introduction
C) complete a year after product introduction
D) ongoing; you always do market research

Question 37

Market research should be an integral part of your business.

Question 38

Dividing the market by purchase behaviors that have been observed is ________ segmentation.

A) demographic
B) behavioral
C) psychographic
D) benefits-sought

Question 39

There is a subtle difference between the ________ and the ________ of a product. One is a fact while the other is a perception.

A) revenue/costs
B) sales/marketing
C) features/benefits
D) None of the above.

Question 40

Understanding the status and trends of an industry can be aided by ________.

A) checking out the internet public library, your local Small Business Administration, chamber of commerce, or local business school or college library
B) looking for recent articles on the industry in magazines or by using Google or other search engines
C) looking on competitors' web sites
D) All of the above.