Question 1

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____. ​

Accepted Answer

Market research for a new company focuses on identifying and profiling the first customer, estimating potential demand, and identifying subsequent customer segments to grow the company.

Question 2

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? ​

Accepted Answer

Economies of scale refer to the cost advantage experienced by firms when production becomes efficient, as the scale of production increases, leading to a decrease in average costs per unit. This is because fixed costs are spread over more units of output.

Question 3

The second step in the market research process is ____. ​

Accepted Answer

The second step in the market research process is researching secondary data, which involves gathering existing information relevant to the research problem before collecting new primary data.

Question 4

Providing more opportunity for clarification and discussion, the observation of nonverbal communication, and the high response rate are all examples of the advantages of ____. ​

Accepted Answer

The answer of Providing more opportunity for clarification and discussion,...

Question 5

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____. ​

Accepted Answer

These questions are typical of an industry analysis, which aims to evaluate the market and competitive environment of an industry, including its growth potential and opportunities.

Question 6

A new industry goes through volatile and rapid changes as companies and their respective technologies jockey for position and the right to determine industry standards. This is what stage of the industry life cycle? ​

Accepted Answer

The answer of A new industry goes through volatile and...

Question 7

The ____ represents an unserved niche that enables the entrepreneur to enter a market with no direct competition for a time. ​

Accepted Answer

The "first customer" represents an unserved niche, allowing the entrepreneur to enter the market without direct competition initially.

Question 8

Which of the following is NOT part of an ethnographic approach to customer observation? ​

Accepted Answer

Developing a plan is not part of an ethnographic approach to customer observation. Ethnographic research is a qualitative research method that involves observing and interacting with people in their natural settings. The goal of ethnographic research is to understand the culture and behavior of a particular group of people. Developing a plan is not necessary for ethnographic research, as the researcher will simply observe and interact with people in their natural settings.

Question 9

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data. ​

Accepted Answer

These methods are all direct ways of collecting data from the source, which is defined as primary data. Secondary data would involve using information that has already been collected by someone else.

Question 10

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology. ​

Accepted Answer

Progressive change occurs as companies expand geographically and enhance profits through innovations in operations, processes, distribution, and technology, focusing on gradual improvement rather than abrupt shifts.

Question 11

The concept that customers are not likely to switch easily to something new is: ​

Accepted Answer

Brand loyalty refers to the tendency of customers to continue buying the same brand of goods or services rather than switching to new ones. This concept captures the idea that customers are not likely to switch easily to something new due to their preference and trust in a particular brand.

Question 12

The ethnographic approach to market research has ____ steps. ​

Accepted Answer

The ethnographic approach to market research typically involves five steps: observation, immersion, recording, analysis, and feedback.

Question 13

A good starting point for gathering secondary market data is ____. ​

Accepted Answer

The answer of A good starting point for gathering secondary...

Question 14

It is best to begin researching the industry by using ____ information about the industry. ​

Accepted Answer

Secondary information is typically the best starting point for researching an industry because it is already compiled and analyzed, making it easier and more cost-effective to gather an initial understanding of the industry landscape.

Question 15

A/An ____ lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment. ​

Accepted Answer

A customer matrix lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment.

Question 16

Birth, growth and adaptation, and shakeout are stages of the ____ life cycle. ​

Accepted Answer

The stages mentioned are part of the industry life cycle, which includes birth, growth, adaptation, and shakeout phases.

Question 17

The key questions to be asked to discover your first customer include all of these except:  ​

Accepted Answer

The answer of The key questions to be asked to...

Question 18

The "first customer" is the customer who pays for the product or service and is the customer with the most ____. ​

Accepted Answer

The "first customer" is typically the one who feels the most pain or need for the solution that the product or service provides, indicating a high level of demand or necessity for what is being offered.

Question 19

The model most commonly used to help an entrepreneur analyze an industry is ____.

Accepted Answer

Porter's Five Forces Model is the most commonly used framework to analyze an industry's competitive environment, which helps entrepreneurs understand the competitive landscape and strategize accordingly.

Question 20

Age, income level, education, and buying habits are all components of the ____.

Accepted Answer

These are components of a customer profile, which is used to understand and predict the behaviors, preferences, and needs of a company's target customers.

Quiz 4: Analyzing the Industry and Market

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____. ​

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services? ​

The second step in the market research process is ____. ​

Providing more opportunity for clarification and discussion, the observation of nonverbal communication, and the high response rate are all examples of the advantages of ____. ​

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____. ​

A new industry goes through volatile and rapid changes as companies and their respective technologies jockey for position and the right to determine industry standards. This is what stage of the industry life cycle? ​

The ____ represents an unserved niche that enables the entrepreneur to enter a market with no direct competition for a time. ​

Which of the following is NOT part of an ethnographic approach to customer observation? ​

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data. ​

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology. ​

The concept that customers are not likely to switch easily to something new is: ​

The ethnographic approach to market research has ____ steps. ​

A good starting point for gathering secondary market data is ____. ​

It is best to begin researching the industry by using ____ information about the industry. ​

A/An ____ lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment. ​

Birth, growth and adaptation, and shakeout are stages of the ____ life cycle. ​

The key questions to be asked to discover your first customer include all of these except: ​

The "first customer" is the customer who pays for the product or service and is the customer with the most ____. ​

The model most commonly used to help an entrepreneur analyze an industry is ____.

Age, income level, education, and buying habits are all components of the ____.

Identifying and profiling the first customer, estimating potential demand from that customer, and identifying subsequent customer segments and needs to grow the company are goals of market research for ____.

What is the phrase that is associated with the costs to produce a product when those costs have declined relative to the price of industry's goods and services?

The second step in the market research process is ____.

Providing more opportunity for clarification and discussion, the observation of nonverbal communication, and the high response rate are all examples of the advantages of ____.

"How is the industry described?," "Is the industry growing?," and "Where are the opportunities?" are all examples of the questions that should be answered when conducting the ____.

A new industry goes through volatile and rapid changes as companies and their respective technologies jockey for position and the right to determine industry standards. This is what stage of the industry life cycle?

The ____ represents an unserved niche that enables the entrepreneur to enter a market with no direct competition for a time.

Which of the following is NOT part of an ethnographic approach to customer observation?

Observation, online or in-person surveys, phone surveys, interviews, and informal focus group are all ways to collect ____ data.

____ change takes place as companies in the industry grow geographically and increase profits through innovations in operations, processes, distribution, and technology.

The concept that customers are not likely to switch easily to something new is:

The ethnographic approach to market research has ____ steps.

A good starting point for gathering secondary market data is ____.

It is best to begin researching the industry by using ____ information about the industry.

A/An ____ lays out the benefits, distribution channel, product/service, and potential competition for each identified customer segment.

Birth, growth and adaptation, and shakeout are stages of the ____ life cycle.

The key questions to be asked to discover your first customer include all of these except:

The "first customer" is the customer who pays for the product or service and is the customer with the most ____.