Deck 4: Engaging Customers, Analyzing Competitors, for Market Entry Strategy

Question 1

Entrepreneurs usually engage in marketing research for two reasons: (1) to identify the need and opportunity for the venture and (2) to understand marketing and customer issues that relate to the product or service.

Answer 1

True

Question 2

Fortunately, market research is not a costly exercise for a startup company.

Answer 2

False

Question 3

Google also offers free software tools to monitor web site effectiveness called Google Maps.

Answer 3

False

Question 4

Marketing objectives are likely to be based on sales revenues and market share.

Question 5

Digital marketing techniques can be used to test many aspects of the product or service before committing the business fully to one path.

Question 6

One-to-one marketing is rapidly becoming a competitive imperative.

Question 7

Marketing plans often place a great deal of emphasis on acquisition but not on customer loyalty.

Question 8

Influencer identification is a key new focus of loyalty marketing because influencers have large followings, an affinity for the product or topic and their followers or readership demonstrate engagement or activation potential.

Question 9

The advantage of using sales agents is that they usually sell other competitors' products or services as part of a complete line.

Question 10

After the trade show, the company should develop screening questions to identify solid sales leads.

Question 11

Although customer interviews can be conducted in a semi-informal manner, preparation should be structured and well-organized.

Question 12

Good sources of primary market research include information extracted from industry studies, books and journals.

Question 13

There are many digital tools available to help determine the size of potential markets, but the tools are not often used because they are costly.

Question 14

Digital tools can be used to determine the size of the market, pricing models and competitor's products.

Question 15

Activities to learn about competitors include: visiting trade shows, constructing the competitor's road map, and collecting competitive literature and advertising.

Question 16

________ describes mechanisms by which customers are triggered and motivated to recommend a product or service to other potential customers.

Question 17

A(n) ________ is a small segment of a large market ignored by other companies.

Question 18

Marketing tactics are developed for each target market, which is called ________.

Question 19

_________ marketing required learning the profile or details about individual customers to identify which are most valuable to the company.

Question 20

_________ is the process of establishing and maintaining a distinctive place in the market for the start-up and/or its products offerings.

Question 21

The ________ is a group of salespeople who work directly for the company and are paid straight salary, salary plus bonus, or straight commission.

Question 22

_________ are good places to exhibit and sell products.

Question 23

________focuses on content creation, used to generate rankings and social media visibility, to establish a brand or business as an expert in its field with valuable, useful content for potential customers of its products or services.

Question 24

Which type of marketing is a small segment of a large market ignored by other companies?

A) Niche marketing
B) Mass marketing
C) Value marketing
D) Just-in-time marketing

Question 25

All of the following are key steps to becoming a one-to-one marketer except:

A) Link customers' identities to their transactions
B) Calculate individual customer lifetime value
C) Mass market to customers using generic approach to satisfy all
D) Practice just-in-time marketing

Question 26

All of the following are factors that often underlie hidden profit potential except:

A) Profit from Price Premium
B) Profit from Reduced Operating Costs
C) Profit Derived from Decreased Purchases
D) Profit from Referrals to Other Customers

Question 27

Demographic segmentation divides a market by all of the following except:

A) age
B) income
C) gender
D) geography

Question 28

All of the following are ways that a market can be segmented except:

A) Viral segmentation
B) Geographic segmentation
C) Business demographics
D) Psychographic segmentation

Question 29

__________ segmentation is very important for retail businesses, restaurants, and services addressing their local surroundings only.

A) Geographic segmentation
B) Business demographics
C) Ethnic segmentation
D) Viral segmentation

Question 30

Which of the following is NOT a primary purpose of market research?

A) to identify and validate the customer need in solving a specific problem or task.
B) to validate whether the proposed solution is different and unique from existing customer options.
C) to explore the best way to attract and acquire new customers.
D) to decide if direct sales and/or trade shows are appropriate marketing channels.

Question 31

Which is true of sizing the market? Market sizing:

A) Occurs after an entrepreneur has defined market segments.
B) Requires identification of one or two small segments experiencing the problem.
C) Eliminates the need for competitor research.
D) None of the above are true statements about market sizing.

Question 32

Which of the following describes the four areas that must be in alignment in order to optimize your customer engagement efforts:

A) Pricing strategies, service activities, channel strategies, segmentation strategies
B) Segmentation strategies, cost minimization strategies, sales activities, marketing strategies.
C) Marketing strategies, sales activities, channel strategies, service activities.
D) Cost minimization strategies, sales activities, segmentation strategies, service activities.

Question 33

The four P's stand for:

A) Productivity, product, promotion, performance.
B) Product, price, placement, promotion.
C) Product, price, performance, and productivity.
D) Placement, product, price and permanence.

Question 34

Market segmentation by geography includes:

A) Defining targeted customers by where they were born.
B) Defining targeted customers by where they went to school.
C) Defining targeted customers by the value group they belong to.
D) Defining targeted customers by where they live.

Question 35

To identify which businesses will provide the most competition, ask questions in all areas of competition except which one of the following?

A) Product or service
B) Price
C) Financial
D) Personal

Question 36

What is the key to the process of controlling costs and showing a profit?

A) Pricing
B) Market analysis
C) Supply and demand
D) Sales strategy

Question 37

Demonstrating _________ is part of pricing a new strategy.

A) rationale
B) costs
C) value
D) contribution

Question 38

Which of the following works as a subcontractor to sell products or services?

A) Direct sales force
B) Sales Agents
C) Trade shows
D) Entrepreneurs

Question 39

All of the following are disadvantages of using sales agents except:

A) The entrepreneur has little control over the sales agents.
B) Sales agents usually sell other products or services as part of a complete line.
C) Sales costs are not incurred until the product is sold.
D) Sales agents tend to push the easier-to-sell products or services.

Question 40

Which of the following is not an advantage of trade shows?

A) The competition cannot be quickly assessed.
B) The company can initiate a business relationship by inviting the customer to a follow-up meeting.
C) It is an excellent opportunity to interact with many people in the industry whom the entrepreneur might not have otherwise met.
D) The company can demonstrate the products and answer any questions from prospective customers about the product or service.

Question 41

To determine the best type of advertising, entrepreneurs should consider all of the following except:

A) Variables of targeted audience
B) Type of product
C) Cost
D) Entrepreneurial personality

Question 42

The best advocate for a company's products or services is the:

A) New customer
B) Existing customer
C) Entrepreneur
D) Sales Representative

Question 43

Which type of marketing describes mechanisms by which customers are triggered and
Motivated to recommend a product or service to other potential customers?

A) Viral marketing
B) Niche marketing
C) One-to-one marketing
D) Value marketing

Question 44

________________ are not just those with large followings - they also need to have an affinity for the product or topic, and their followers or readership must demonstrate engagement or activation potential.

A) Sales agents
B) Digital channels
C) E-commerce companies
D) Influencers