18 Questions
What is the purpose of determining the target market?
To tailor specific needs of customers
Which factor is crucial for analyzing market trends?
Using resources wisely
Why is estimating market size important for businesses?
To make strategic decisions based on facts
What does the service requirement specify?
Expected results of a project
What is the significance of product differentiation?
Creating unique products
How can businesses leverage analyzing market trends?
By adjusting their products based on current consumer preferences
Which element of the marketing mix is responsible for improving consumer demand?
Promotion
What is the purpose of a mission statement in a company?
Describe the overall purpose and direction of the company
Which type of research tool is considered the most reliable and credible for gathering information from the target market?
Personal interview
What is the primary function of data collection in research studies?
Provide credibility to research
Which element of the 4Ps marketing mix focuses on satisfying the needs of the target market with tangible and intangible offerings?
Product
What is the purpose of market segmentation?
To divide the market into distinctive groups based on characteristics
What differentiates the 7 P's of Marketing Mix from the traditional 4Ps?
Product differentiation
What does market size estimation involve?
Estimating the total potential demand for a product or service
Which factor is NOT typically considered in demographic segmentation?
Loyalty
What is the primary goal of analyzing market trends?
To understand consumer needs and preferences
How does market research help in product differentiation?
By gathering information about consumer preferences
Which aspect is essential for understanding customer requirements?
Considering service and output needed by consumers
Test your knowledge on business planning and market research, including understanding consumer needs, creating a business plan, and analyzing market trends. Learn about key elements such as executive summary, business description, and market analysis.
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