27 Questions
What is the primary objective of Market Analysis?
To determine the attractiveness of a business opportunity
What is a market defined as?
The sum of all buyers and sellers in a specific area
What is Market Identification?
A strategic marketing approach to define a specific customer
What is one of the skills required to understand a target market?
All of the above
What does Market Analysis help to answer?
All of the above
What is one of the objectives of Market Analysis?
To determine the attractiveness of a market
What is the primary driver of market growth?
Consumer demand
What is the purpose of identifying market segments and targets?
To sort potential clients for sales and marketing campaigns
What is market targeting a stage in?
Market identification process
What is the primary purpose of market trends?
To identify potential shifts in the market
What is the method used to sort potential clients for sales and marketing campaigns?
Target market identification
What is market growth rate?
The change in a market's size over a given period
What can a distribution channel be?
Either direct or indirect
What is an uptrend in technical analysis?
A series of higher highs and higher lows
What is a bear market in technical analysis?
A series of consistent lower highs and lower lows
What is the market size in the context of market analysis?
The total value of a market
What is the purpose of the 7 dimensions of market analysis?
To analyze a market from multiple perspectives
What is the primary goal of identifying target markets in an entrepreneurial venture?
To serve a specific market segment
What is the definition of market segmentation?
A process of identifying and analyzing the buyers in a product market with similar characteristics
What is demographic segmentation based on?
Data points
What is one of the steps involved in identifying target markets?
Researching the volume of products and services sold
Why is it important to identify major competitors in target market identification?
To determine the location of target markets
What type of marketing segmentation involves dividing customers into groups based on geographic characteristics?
Geographic segmentation
Which of the following is NOT a characteristic used in psychographic segmentation?
Purchase history
What is the main goal of dividing consumers into groups in marketing segmentation?
To target a specific audience
Which type of segmentation is commonly used in marketing?
Demographic segmentation
What is the name of the person who said 'Business opportunities are like buses. There's always another one coming.'?
Richard Branson
Learn about market identification and analysis, a strategic marketing approach to define the specific customer of a product. Acquire skills to understand your target market, including how to group and analyze data.
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