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Technopreneurship Midterms > Btwo - MARKET IDENTIFICATION AND ANALYSIS > Flashcards

Btwo - MARKET IDENTIFICATION AND ANALYSIS Flashcards

1
Q

A gathering place for consumers and sellers where they can exchange goods and services

A

Market

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2
Q

A place where buyers and sellers may interact in person and exchange money for the
desired goods.

A

Physical market

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3
Q

Customers in these markets make online purchases of goods and services.

A

Virtual Market

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4
Q

Type of market wherein the purchasers or bidders compete with one another

A

Auction Market

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5
Q

An illicit exchange or marketplace where deals are made without the knowledge or
supervision of authorities or regulatory bodies

A

black market

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6
Q

Any location where bonds, currencies, and other securities are traded between two parties

A

financial market

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7
Q

These markets offer the things that are used as raw materials in the manufacture of other
products.

A

Market for intermediate goods

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8
Q

While creating a new product or service or entering a new market outlet, it is crucial for
any firm to identify their core consumer group

A

True

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9
Q

Knowing the target market is not beneficial for the creation of products as well as for the
execution of marketing strategies and the choice of suitable sales channels.

A

False

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10
Q

A thorough understanding of the target market will help you implement effective and
targeted promotion, cater to your most valuable customers, design new products that
meet customer needs, choose the best outlets for your product(s), and provide services
that meet the needs and demands of your market.

A

True

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11
Q

A consumer’s demographics include information about their age, income, and level of
education.

A

True

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12
Q

Demand is produced by buyers

A

True

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12
Q

The target market’s interests, goals, and pastimes are included in the demographics

A

False

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12
Q

Consumer surveys, pricing experiments, in-person interviews, focus groups, etc. are
examples of secondary research methodologies.

A

False

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13
Q

. Primary data may be replaced by secondary data provided by governmental organizations,
consulting firms, etc., or it may be further supplemented.

A

True

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14
Q

. Supply is produced by buyers

A

False

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15
Q

_____________________ is an undifferentiated marketing strategy in which the
organization decides to ignore niche marketing, market segments and attempts to appeal
to the entire market with one strategy or one offer

A

Mass Marketing

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16
Q

The _____________ determines the prices for goods and other services regardless of the
situation.

A

Market

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17
Q

The ___________ and ______________ are the two parties involved in a transaction.

A

Seller and Buyer

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18
Q

It is a setting where two or more parties exchange products, services, and information

A

Market

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19
Q

What are the four medium of mass marketing?

A
  1. Magazine and email marketing
  2. Newspaper
    24.Social media
  3. Television
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20
Q

_____________________ is the process of dividing a target market into smaller groups
with similar characteristics, such as age, income, personality traits, behavior, interests,
needs, or location.

A

Market Segmentation

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21
Q

It refers to segmenting audiences based on observable, person-based differences

A

Demographic Segmentation

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22
Q

It is segmenting your market based on consumer behaviors, particularly those related to
your product.

A

Psychographic Seg

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23
Q

A simple but effective segmentation strategy wherein your market is divided based on their
location.

A

Geographic

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24
Q

It is similar to demographic segmentation, but it focuses on mental and emotional
characteristics

A

psychographic

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25
Q

Give the six examples of psychographic characteristic in alphabetical order.

A

31.Attitudes
32.Beliefs
33. Interests
34. Lifestyles
35. Personality traits
36.Values

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26
Q

A type of market segmentation wherein some businesses will split up a market based on
the “transactional worth” of their customers — how much they’re likely to spend on their
products.

A

Value segmentation

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27
Q

This is similar to demographic segmentation with individual consumers but instead looks
at the characteristics of companies that may become customers.

A

Firmographic segmentation

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28
Q

Businesses may segment consumers by generation and group them into categories that
include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.

A

: Generational segmentatio

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29
Q

Type of market segmentation wherein you segment your market into groups based on
where they are in their lives.

A

. Lifestage segmentation

30
Q

Type of market segmentation wherein buy different items at different times of the
year. Major holidays such as Christmas and Hanukkah also significantly impact purchasing.

A

Seasonal segme

31
Q

__________________ is a detailed investigation of a specific market within an industry,
including market size, critical success factors, distribution methods, target audience,
profitability and growth rate, and market trends

A

Market Analysis

32
Q

____________________ seeks to examine and comprehend market circumstances,
trends, and competition in order to make sound business decisions.

A

market analysis

33
Q

Thhe _______________ is to provide an overview of the market’s features and potential
future trends in order to assist businesses with making educated decisions, identifying
opportunities, and developing strategies to meet their goals and objectives.

A

Market Study

34
Q

What are the four goals of market analysis? Answer in alphabetical order.

A

45.Attractiveness of the market
46. New business opportunities
47. Understanding dynamics of the
market
48. Under the mind of a customer

35
Q

The volume and potential of the market determine _______________.

A

Market Size

36
Q

The __________________ represents the overall realized sales volume of a specific
market.

A

Market Volume

37
Q

_____________________ is the expansion of a market’s size, value, or volume over time

A

Market growth

38
Q

It refers to a company’s or business’s ability to earn income in excess of its expenses.

A

profitability

39
Q

The ratio of gross profit to sales means the entity can recover its cost of production from
the revenue it is earning

A

Gross Profit Margin

40
Q

________ is commonly used to compare a company’s performance with others and is
widely used in valuation and project financing.

A

. EBITDA

41
Q

Its earnings before interest, tax, depreciation, and amortization

A

. EBITDA

42
Q

The ratio of net profit to sales.

A

Net Profit Margin

43
Q

. The percentage of earnings to sales before interest expense and income taxes

A

. Operation Profit Margin

44
Q

. ______________ is the profit earned after reducing operational costs, depreciation, and
dividend from gross profit.

A

. Net profit

45
Q

. It is a significant factor while running a business. It basically sees how much cost is required
to get your products for sale.

A

Industry cost structure

46
Q

This model is useful for determining where value is added and for isolating the costs.

A

. Porter’s value chain

47
Q

He introduced the concept of value chain

A

Michael Porter

48
Q

It is a set of activities that an organization carries out to create value for its customers

A

2.Value chain

49
Q

What are the two elements in Porter’s Value Chain? Answer in alphabetical order.

A
  1. Primary activities
    64.Support activities
50
Q

These are all the processes related to receiving, storing, and distributing inputs internally.

A

Inbound logistics

51
Q

These are the transformation activities that change inputs into outputs that are sold to
customers.

A

Operations

52
Q

These activities deliver your product or service to your customer. These are things like
collection, storage, and distribution systems, and they may be internal or external to your
organization.

A

. Outbound logistics

53
Q

These are the processes you use to persuade clients to purchase from you instead of your
competitors.

A

Marketing and sales

54
Q

These are the activities related to maintaining the value of your product or service to your
customers, once it’s been purchased.

A

Service

55
Q

These activities support the primary functions.

A

.Support activities

56
Q

This is what the organization does to get the resources it needs to operate. This includes
finding vendors and negotiating the best prices.

A

Procurement

57
Q

This is how well a company recruits, hires, trains, motivates, rewards, and retains its
workers

A

Human resource management

58
Q

These activities relate to managing and processing information, as well as protecting a
company’s knowledge base.

A

Technological development

59
Q

These are a company’s support systems, and the functions that allow it to maintain daily
operations.

A

Infrastructure

60
Q

A set of middlemen or intermediaries who help an organization in the flow of goods and
services from the manufacturers to the consumers.

A

Distribution channel

61
Q

It is a distribution level through which an organization directly sells its products to the
customers without the involvement of any intermediary.

A

. Direct channel

62
Q

When a middleman or intermediary is involved in the distribution process, it means the
organisation is using ____________________ of Distribution.

A

Indirect channel

63
Q

. ____________________ are a significant part of the marketing analysis.

A

Market trends

64
Q

_______________ state the important elements required for a company to compete in its
target markets.

A

.Key success factors

65
Q

Key success factors is also known as __________________.

A

Competitive emphasis

66
Q

Enumerate the Types of Market alphabetically.

A

81.Auction market
82.Black market
83. Financial market
84. Market for intermediate goods
85. Physical market
86.Virtual market

67
Q

Benefits of finding a target market

A

More efective marketing mix,
Helps you choose the right
marketing channel, Use limited
time, money, and resource
efciently, Maximize sales and
profts

68
Q

Enumerate the medium of mass marketing alphabetically.

A
  1. Magazines and email marketing
  2. Newspaper
    93.Social media
  3. Television
69
Q

Enables brands to develop strategies for various types of consumers based on how they
perceive the overall value of specific products and services

A

.Segmentation

70
Q

You may be able to obtain demographic data from customers directly by looking at their
___.

A

.Social media

71
Q

_____ segmentation is similar to demographic segmentation, but it focuses on mental and
emotional characteristics.

A

Psychographic

72
Q

_______ companies may use firmographic segmentation to divide up the businesses in a
market.

A

Business to business,

73
Q

In order to grow, there must be ______ who have yet to be reached

A

Potential customers

74
Q

An ____ is a good indicator of the economy and the businesses that operate inside it.

A

Increasing market

Technopreneurship Midterms (11 decks)

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