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- 1. Multiple ChoiceHow can an entrepreneur learn about and understand the industry related to their idea for a new business?Take a class or course related to the industry.Read books and journals about the industry.Interview people who currently work in the industry.All of these are correct.
- 2. Multiple Choice
The entrepreneur should profile the potential customers for the new business. This means that the entrepreneur should determine (to the degree possible) the typical customer’s:
age & gender
income level
education level
all of these are correct
- 3. Multiple Choice
The trading area should be carefully analyzed and evaluated.
True
False
- 4. Multiple ChoiceWhich of the following is a cultural trend that might influence an entrepreneur?Athletic wear is worn to many places.The unemployment rate is increasing.
- 5. Multiple ChoiceWhich of the following is an economic trend that might influence an entrepreneur?Athletic wear is worn to many places.Unemployment is decreasing.
- 6. Multiple ChoiceThe first step of the Marketing Research Process isGathering primary data.Defining the problem.
- 7. Multiple ChoiceThis is information that is useful and has already been collected for another purpose.Primary DataSecondary Data
- 8. Multiple ChoiceThis is information that is collected for the first time to solve the problem being studied or for use in achieving the goal of the project.Primary DataSecondary Data
- 9. Multiple ChoiceThis is the gathering and interpreting of information about a market, about a product or service to be offered to that market, and about the customers for that product or service.Market ResearchIndustrial Management
- 10. Multiple ChoiceThis is a planned set of questions to which individuals or groups of people respond.SurveyInvoice
- 11. Multiple ChoiceThis is a geographic area in which a new product or service is tested in order to gather information about customer reaction to the tested product or service.Industrial TestTest Market
- 12. Multiple ChoiceThis primary data collection method collects information by recording the actions of customers without interacting with or communicating with themFocus GroupObservationSurveyTest Market
- 13. Multiple ChoiceThis is a small number of people who are brought together to discuss elements of a specific issue or problem.Focus GroupObservationSurveyTest Market
- 14. Multiple ChoiceThis is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.Marketing Information SystemIndustrial Management System
- 15. Multiple ChoiceThe small business entrepreneur, as well as large businesses, use this tool to effectively gather sales and product information for use in decision-making.The Advertising Broadcast SystemThe Point of Sale System
- 16. Multiple ChoiceWhat is one way that a business might use marketing information?To develop new productsTo calculate sales transactions
- 17. Multiple ChoiceWhich of the following research methods is appropriate when a business wants to obtain in-depth, qualitative information from a few customers:Structured observationPersonal interview
- 18. Multiple ChoiceWhich of the following is a source of primary market research:Focus groupsUS Census Bureau
- 19. Multiple Choice
Walmart uses secondary data (information collected by their POS) to plan for new product offerings and predict the sale of certain items. What product will increase in sales by seven times ahead of a predicted hurricane?
Red Seedless Grapes
Whole Milk
Strawberry Pop-Tarts
Large Eggs
- 20. Multiple ChoiceOne of the advantages of reviewing secondary data it can be done quickly and easily.TrueFalse
- Answer choicesTagsAnswer choicesTags