Entrepreneurship and Small Business Management

Chapter 6: Market Analysis

Practice Test

1.
____________ is a way to understand the industry's ability to support new growth.
A)Market forecasting
B)Market expansion
C)Market research
D)Carrying capacity
2.
The particular group of customers you are interested in is the__________.
A)total market
B)target market
C)customer base
D)market segment
3.
___________is the study of consumers based on social characteristics.
A)Psycho-graphics
B)Geographics
C)Demographics
D)Brand loyalty
4.
______________are goods or components produced for sale to manufacturers.
A)Raw materials
B)Brands
C)Industrial goods
D)Retail goods
5.
The collection and analysis of information aimed at understanding the behavior of consumers is called _____________.
A)consumer focus
B)market research
C)market forecasting
D)venture research
6.
Ways to structure research are called ______________.
A)research models
B)customer canvassing
C)model building
D)research designs
7.
Information previously collected by someone else is called ___________.
A)secondary data
B)primary data
C)marketing history
D)historical research
8.
_____________ is information you obtain for the first time and use specifically for your study.
A)reputable data
B)primary data
C)secondary data
D)descriptive research
9.
You can find opportunity in an industry by looking at _______________.
A)target markets
B)industry forces
C)trends and changes
D)competitive forces
10.
_____________ keep new business from either entering or succeeding in an industry.
A)Trade associations
B)Unions
C)Competitive industries
D)Barriers to entry
11.
A/An ____________ is a situation where the cost of producing goods or services decreases as the volume of its production increases.
A)manufacturing volume
B)economy of scale
C)barrier to entry
D)mass marketing
12.
_____________ is the tendency to buy a particular product.
A)Mass marketing
B)Demand
C)Market share
D)Brand loyalty
13.
A /An__________ is a small, specialized segment of a market.
A)industry
B)niche
C)market position
D)substitute
14.
A customer __________ is a complete picture of a venture's prospective customers.
A)history
B)needs analysis
C)profile
D)base
15.
One way to forecast __________ is to use historical analogy products.
A)target markets
B)demand
C)competition
D)retailing trends
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