Podcast
Questions and Answers
Which of the following best describes market research?
Which of the following best describes market research?
- Identifying target markets' attributes and purchasing patterns
- A study of an industry's current scope and the types of products being provided
- A sales forecast combining the size of the market with forecasts for the scope and frequency of transactions
- An estimation of the possible size and characteristics of customers or firms who could be buying your product (correct)
What is the purpose of industry analysis?
What is the purpose of industry analysis?
- To study an industry's current scope and the types of products being provided (correct)
- To project sales by combining market size with transaction forecasts
- To estimate the size and characteristics of potential customers
- To identify target markets' attributes and purchasing patterns
What does the market size represent?
What does the market size represent?
- The cumulative number of potential consumers who are under-represented or not covered by current solutions (correct)
- The number of potential competitors and the solutions they provide
- The scope and frequency of transactions
- The possible advantages consumers are looking for
How can a sales forecast be produced?
How can a sales forecast be produced?
Why is projecting sales important?
Why is projecting sales important?
True or false: Market research involves estimating the size and characteristics of potential customers or firms who may purchase your product.
True or false: Market research involves estimating the size and characteristics of potential customers or firms who may purchase your product.
True or false: Industry analysis provides an overview of potential competitors, the solutions they offer, and their price points.
True or false: Industry analysis provides an overview of potential competitors, the solutions they offer, and their price points.
True or false: The market size represents the cumulative number of potential consumers who are not currently covered by existing solutions.
True or false: The market size represents the cumulative number of potential consumers who are not currently covered by existing solutions.
True or false: Identifying target markets' attributes and purchasing patterns can help determine the advantages consumers are looking for.
True or false: Identifying target markets' attributes and purchasing patterns can help determine the advantages consumers are looking for.
True or false: Sales forecasting combines the market size with forecasts for transaction scope and frequency to project sales.
True or false: Sales forecasting combines the market size with forecasts for transaction scope and frequency to project sales.
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