Week 5

Question 1

These are the things that are essential for us

Answer 1

Needs

Question 2

These are desires, luxury, and extravagance that signify wealth and an expensive way of living

Answer 2

Wants

Question 3

Refers to the group of consumers or organization that is interested in the product on has the resources to purchase the product, and is permitted by law and other regulations to acquire the product

Answer 3

Market

Question 4

The market a company wants to sell its products and services to, and it includes a targeted set of customer for whom it directs its marketing efforts

Answer 4

Target market

Question 5

A marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action

Answer 5

Market segmentation

Question 6

Enumerate the types of market segmentation

Answer 6

Geographic, psychographic, demographic, behavioral

Question 7

Variables to consider in geographic segmentation

Answer 7

Climate, dominant ethnic group, culture, and density

Question 8

Income is an example of what segmentation?

Answer 8

Demographic

Question 9

They provide a broad understanding of the different characteristics of a population

Answer 9

Demographics

Question 10

Social class is an example of what segmentation?

Answer 10

Psychographics

Question 11

A market or segment of the population identified by demographics

Answer 11

Business

Question 12

Focus on understanding the customer’s emotions and values, so you can market more accurately

Answer 12

Psychographics

Question 13

A method of grouping customers by their behavior patterns

Answer 13

Behavioral (duh)

Question 14

It helps marketing and product teams learn how different types of prospects and customers are likely to use their product, how engaged they’ll be, and how long they might remain as customers

Answer 14

Behavioral segmentation

Question 15

The specific characteristics that the customers need from a product or a service

Answer 15

Customer requirements

Question 16

Two types of customer requirements

Answer 16

Service requirement and output requirement

Question 17

Service requirement is..

Answer 17

An intangible product that cannot be touched

Question 18

Output requirement is…

Answer 18

A tangible thing that can be seen

Question 19

it is like a size of the arena where the entrepreneurs will play their business

Answer 19

Market size

Question 20

The first step to conducting a strategic marketing research

Answer 20

Estimate the potential market

Question 21

The second step to market research

Answer 21

Ito estimate the customers who probably dislike to buy your product

Question 22

The third step to market research

Answer 22

Estimate the market share

Question 23

It is the most important factor if you ever need to raise funding for your business

Answer 23

Market size

Question 24

Enumerate strategies for reaching the target market

Answer 24

Undifferentiated marketing, differentiated marketing, concentrated marketing, micromarketing

Question 25

When a firm produces only one product and promotes it to all customers with a single marketing mix (mass marketing)

Answer 25

Undifferentiated marketing

Question 26

A firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments (segment marketing)

Answer 26

Differentiated marketing

Question 27

When a firm commits all of its marketing resources to serve a single market segment (niche marketing)

Answer 27

Concentrated marketing

Question 28

Involves targeting potential customers at a very basic level, such as by ZiP code, specific occupation, lifestyle, or individual household

Answer 28

Micromarketing

Question 29

Internal and positive factors that helps you to take advantage of opportunities in the external environment

Answer 29

Strengths

Question 30

These are those characteristics of a business that give disadvantage relative to others

Answer 30

Weaknesses

Question 31

These refer to favorable external factors that could give Ann organization a competitive advantage

Answer 31

Opportunities

Question 32

These are any external factors that could cause damage to your organizaition

Answer 32

Threats

Question 33

He is the proponent of the five forces competitive analysis framework

Answer 33

Porter

Question 34

He/she is a person who makes a purchase of a product or service

Answer 34

Buyer

Question 35

These are companies who are trying to sell similar goods or services to the same people

Answer 35

Competitors

Question 36

It is a person or organization that provides something needed such as a product or service

Answer 36

Supplier

Question 37

It refers to the threat new competitors pose to existing competitors in an industry

Answer 37

New entrants

Question 38

It is a product or service that can be easily replaced with another

Answer 38

Substitute

Question 39

It allows business owners to determine the feasibility of a business before committing substantial resources to the venture

Answer 39

Market research

Question 40

Research data may be drawn from

Answer 40

Primary sources or secondary sources

Question 41

Primary or secondary?: surveys

Answer 41

Primary

Question 42

Primary or secondary?: experiments

Answer 42

Primary

Question 43

Primary or secondary?: observational research

Answer 43

Primary

Question 44

Primary or secondary?: internal database

Answer 44

Secondary

Question 45

Primary or secondary: journals

Answer 45

Secondary

Question 46

One of the many ways to assess or validate customer’s satisfaction

Answer 46

Interview

Question 47

Two types of interview

Answer 47

Telephone interview and face to face interview

Question 48

The process of gathering people with similar interest, background, and experiences to discuss on special topic of interest in order to gather vital information related to the product

Answer 48

Focus group discussion

Question 49

This technique is made possible by devising a good set of questionnaires

Answer 49

Survey