ENTQ2 Question Preview (ID: 54511)


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What is the first step in conducting market research?
a) Obtain primary research
b) Design your trademark
c) Analyze your data
d) Identify your information needs

All the following are steps in conducting market research, EXCEPT:
a) Obtain primary research
b) Design your trademark
c) Analyze your data
d) Identify your information needs

To research your competitors, you should do all the following, EXCEPT:
a) Identify your indirect competitors
b) Describe the primary market segments your competitor’s serve
c) Hire your competitor’s employees to provide you insider information
d) Describe the primary products/services your customer sells

“Hot Topic Vacations” focuses all their sells efforts to singles, ages 25 to 45-years old. This company uses what type of market segmentation?
a) Psychographics
b) Niche
c) Loyalty
d) Value

By evaluating your competitors’ product selection, quality, promotional activities, and pricing policies, you can learn much about their:
a) Strengths and weaknesses
b) Intent to sell
c) Income Statement
d) Buying Characteristics

A target market should include all the following characteristics, EXCEPT:
a) Measurable
b) Neglectful
c) Profitable
d) Reachable

The specific market segment toward which all of a business’s activities are directed.
a) Target market
b) Focus Group
c) Demographics
d) Prime market

Data collected by someone else for their own purposes. You can make assumptions about your target market based on this information.
a) Competitive research
b) Collective research
c) Primary research
d) Secondary research

A group of people whose opinions are studied to determine the opinions/buying preferences of a larger population is a:
a) Niche group
b) Focus group
c) Target group
d) Study group

Which one contains only examples of secondary research sources?
a) Internet, observations, phone interviews
b) Website of U.S. Census Bureau, trade associations, marketing research agencies (e.g., Nielsen Media Research)
c) . Chamber of Commerce, focus groups, personal interviews
d) Surveys you create, government organizations, interviews by mail

Which of the following is NOT an industry force that can affect your business?
a) Availability of substitute products
b) Improved technology–or–use of technology
c) Primary research data
d) Bargaining power

Facts that describe the target market and include; gender, income, occupation, and age.
a) Psychographics
b) Buying characteristics
c) Niche
d) Demographics

When determining where to locate a business, you need to assess all the following, EXCEPT for?
a) Traffic counts
b) Zoning parking
c) Type of legal ownership
d) Nearby businesses

Which of the following is considered a critical factor in the success of a business, especially retail?
a) Accountants
b) Shareholders
c) Shipping
d) Location

If you own a company with about 18 employees and $3 million in gross sales, which form of legal ownership would you choose?
a) Subchapter S Corporation
b) C-Corporation
c) Limited Liability Company
d) Profit Corporation

What is the advantage of being a Subchapter S Corporation?
a) Provides liability protection, and utilizes pass-through taxation
b) Structured to accommodate employee benefits; e.g., profit sharing and retirement
c) It’s the most common form of ownership for large businesses like Federal Express
d) It’s inexpensive and easy to create

Which inventory system is continually updated on a daily basis?
a) Physical inventory
b) Perpetual Inventory
c) Just-in-Time Inventory
d) Tracking Inventory

. A discount pricing method that is often used when ordering t-shirts for the school—the larger the order, the cheaper the per-unit price.
a) Quantity discounts
b) Multiple-unit pricing
c) Cash discounts
d) Price lining

Which of the following is NOT part of the promotional mix?
a) Advertising
b) Price
c) Promotion
d) Personal Selling

Which is an example of a product brand?
a) Cereal
b) “Just Do It”
c) Ford
d) Retailers

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