Podcast
Questions and Answers
What is the purpose of identifying the demographics of the target market?
What is the purpose of identifying the demographics of the target market?
- To establish the geographic location of the target market
- To predict the future trends of the market
- To understand the external characteristics of the potential customers (correct)
- To determine the competition in the market
How does geography play a role in identifying the target market?
How does geography play a role in identifying the target market?
- It focuses on the psychological aspects of the target market
- It involves setting up the business in a location to reach the target market (correct)
- It determines the historical background of the target market
- It analyzes the technological advancements of the target market
What is the significance of psychographic approaches in identifying the target market?
What is the significance of psychographic approaches in identifying the target market?
- It focuses on the income levels of the potential customers
- It helps in understanding the lifestyle and behavioral traits of the potential customers (correct)
- It determines the age and gender distribution in the market
- It analyzes the educational background of the potential customers
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
What does demography describe in the context of identifying the target market?
What does demography describe in the context of identifying the target market?
What are the three main ways an entrepreneur can find their target market according to the text?
What are the three main ways an entrepreneur can find their target market according to the text?
What does demography describe in the context of identifying the target market?
What does demography describe in the context of identifying the target market?
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
What is the significance of psychographic approaches in identifying the target market?
What is the significance of psychographic approaches in identifying the target market?
What role does geography play in identifying the target market according to the text?
What role does geography play in identifying the target market according to the text?
