10 Questions
What is the purpose of identifying the demographics of the target market?
To understand the external characteristics of the potential customers
How does geography play a role in identifying the target market?
It involves setting up the business in a location to reach the target market
What is the significance of psychographic approaches in identifying the target market?
It helps in understanding the lifestyle and behavioral traits of the potential customers
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
To tailor the product or service to meet the needs of the target market
What does demography describe in the context of identifying the target market?
The vital external characteristics of the target market as human beings
What are the three main ways an entrepreneur can find their target market according to the text?
Geographic, demographic, and psychographic approaches.
What does demography describe in the context of identifying the target market?
Demography describes the vital external characteristics of the target market as human beings: where they live, how they live, how much money they earn, where they studied.
Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?
It is important for an entrepreneur to know the demographics of their customers early in the business planning stage because without a prospective market, the product will not move or sell.
What is the significance of psychographic approaches in identifying the target market?
Psychographic approaches help the entrepreneur to understand the lifestyle, social class, and personality characteristics of the target market.
What role does geography play in identifying the target market according to the text?
Geography has something to do with the place or location where the business will be set up to reach the target market.
Take this quiz to learn how to identify a viable business opportunity by pinpointing a specific market in need of your product. Understand the importance of demographics in determining your customer base and gain insights into market study essentials for successful business planning.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
