Entrepreneurship- Chapter 4 Terms Questions with Verified Solutions (Graded A+)
competitive analysis - Answers identifying and examining the characteristics of a competing firm
customer profile - Answers a description of the characteristics of the person or company that is likely to
purchase a product or service
demographics - Answers data that describe a group of people in terms of their age, marital status, family
size, ethnicity, gender, profession, education, and income
direct competition - Answers comes from a business that makes most of its market as other businesses
focus group - Answers an in-depth interview with a group of target customers who provide valuable
ideas on products or services
geographic data - Answers data that helps a business determine where it's potential customers live and
how far they will travel to visit the business
indirect competition - Answers comes from a business that makes only a small amount of money selling
the same or similar products and services to the same market as other businesses
market research - Answers a system for collecting, recording, and analyzing information about
customers, competitors, goods, and services
market segments - Answers groups of customers within a large market who share common
characteristics
primary data - Answers information collected or the very first time to fit a specific purpose is
psychographics - Answers data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits
secondary data - Answers data found in already-published sources
survey - Answers a list of questions to asked to customers to find out demographic and psychographic
information. a survey can be conducted by mail, over the phone, on the internet, or in person
target market - Answers includes the individuals or companies that are interested in a particular product
or service and are willing and able to pay for it
use-based data - Answers data that helps a business determine how often potential customers use a
particular service
competitive analysis - Answers identifying and examining the characteristics of a competing firm
customer profile - Answers a description of the characteristics of the person or company that is likely to
purchase a product or service
demographics - Answers data that describe a group of people in terms of their age, marital status, family
size, ethnicity, gender, profession, education, and income
direct competition - Answers comes from a business that makes most of its market as other businesses
focus group - Answers an in-depth interview with a group of target customers who provide valuable
ideas on products or services
geographic data - Answers data that helps a business determine where it's potential customers live and
how far they will travel to visit the business
indirect competition - Answers comes from a business that makes only a small amount of money selling
the same or similar products and services to the same market as other businesses
market research - Answers a system for collecting, recording, and analyzing information about
customers, competitors, goods, and services
market segments - Answers groups of customers within a large market who share common
characteristics
primary data - Answers information collected or the very first time to fit a specific purpose is
psychographics - Answers data that describe a group of people in terms of their tastes, opinions,
personality traits, and lifestyle habits
secondary data - Answers data found in already-published sources
survey - Answers a list of questions to asked to customers to find out demographic and psychographic
information. a survey can be conducted by mail, over the phone, on the internet, or in person
target market - Answers includes the individuals or companies that are interested in a particular product
or service and are willing and able to pay for it
use-based data - Answers data that helps a business determine how often potential customers use a
particular service
