Kuratko 8e Chapter 10

CHAPTER 10: MARKETING RESEARCH FOR ENTREPRENEURIAL VENTURES
TRUE/FALSE
1. Marketing research involves the gathering of information about a particular market, followed by
analysis of the information.
ANS: T PTS: 1
NAT: AACSB Communication | Environmental Influence KEY: page 287
2. The first step in marketing research is to gather primary data.
ANS: F PTS: 1
3. Information that has already been compiled is known as secondary data.
ANS: T PTS: 1
4. It is usually more expensive to gather secondary data than primary data.
ANS: F PTS: 1
5. Most firms generally gather primary data and then see if there is secondary data to supplement it.
ANS: F PTS: 1
6. Cost is often a major obstacle to marketing research for a new venture.
ANS: T PTS: 1
7. Only major strategic decisions need to be supported through marketing research.
ANS: F PTS: 1
8. Marketing research is sometimes irrelevant to a problem; however, it sometimes provides useful

information.
ANS: T PTS: 1
9. There are three distinct types of marketing philosophies that exist among new ventures.
ANS: T PTS: 1
This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold,
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10. A consumer driven marketing philosophy often relies on direct selling.
ANS: F PTS: 1
11. Shopping goods are products that consumers will take time to examine carefully and compare for
quality and price.
ANS: T PTS: 1
12. Marketing planning is the process of determining a clear, comprehensive approach to the creation of
customers.
ANS: T PTS: 1
13. A marketing information system compiles and organizes data according to a customers sex, age, and
geographic location.
ANS: F PTS: 1
14. Sales forecasting is a process of projecting future sales through educated guesses.
ANS: F PTS: 1
15. The greatest potential for internet marketing is with direct marketing.
ANS: T PTS: 1
16. Two major concerns with marketing on the Internet are unlimited target audiences and customer
resistance to change.
ANS: F PTS: 1
17. The web allows companies to gather and disseminate market information cheaper than traditional
methods.
ANS: T PTS: 1
18. Even after marketing research is done, many entrepreneurs are unsure of how to price their products or
services.
ANS: T PTS: 1
19. Pricing procedures are the same for all types of ventures.
ANS: F PTS: 1
MULTIPLE CHOICE
1. A market is
a. a group of consumers who have purchasing power and unsatisfied needs
b. a way of gaining consumer data
c. a segment of the economy
d. a group of known purchasers
ANS: A PTS: 1
2. The key to marketing analysis is

a. secondary data c. marketing research
b. psychographic information d. marketing response data
ANS: C PTS: 1
3. All of the following techniques are used in gathering primary data except
a. observational methods c. surveys
b. analysis of company financial records d. experimentation
ANS: B PTS: 1
4. In defining research objectives, the entrepreneur should include

a. local weather c. competitors research objectives
b. consumer tastes d. market experts
ANS: B PTS: 1
5. Surveys include contact by

a. mail c. personal interviews
b. telephone d. all of the above
ANS: D PTS: 1
6. Secondary data consists of

a. internal data only c. existing information
b. external data only d. newly developed primary research
ANS: C PTS: 1
7. Which of the following is not a method of collecting primary data?

a. review of government publications c. mail survey
b. telephone d. observation
ANS: A PTS: 1
8. Which of these is the most expensive to conduct?

a. phone surveys c. mail surveys
b. interviews d. all are of equal cost
ANS: B PTS: 1
9. When developing a survey, you should consider

a. including questions only pertaining to the study.
b. ask leading and biased questions.
c. giving concise but incomplete instructions.
d. the personality of the respondents.
ANS: A PTS: 1
10. Which one of these typically has the lowest response rate?
a. direct face-to-face contact c. phone survey
b. interviews d. mail survey
ANS: D PTS: 1
11. The primary reason many entrepreneurs fail to use marketing research is
a. high cost c. lack of time
b. ignorance d. lack of sophistication
ANS: A PTS: 1
12. Which of the following is a complex marketing research technique?

a. observation c. statistical analysis
b. telemarketing d. opinion
ANS: C PTS: 1
13. Which of the following is a marketing philosophy?

a. computer-driven philosophy c. consumer-driven philosophy
b. wholesale-driven philosophy d. cost-driven philosophy
ANS: C PTS: 1
14. The sales-driven philosophy

a. is based on the belief produce efficiently and worry about sales later
b. relies on research to discover consumer preferences before production begins
c. focuses on personal selling and advertising to persuade customers to buy the companys
output
d. is strictly cost-driven
ANS: C PTS: 1
15. Which of the following influences the choice of marketing philosophy?

a. competitive pressure c. Dow Jones Industrial averages
b. economic outlook d. cost of living index
ANS: A PTS: 1
16. Market segmentation is

a. the process of categorizing products into different segments
b. the process of identifying a specific set of characteristics that differentiate one group of
consumers from the rest
c. the process of segmenting the sales force
d. heavily psychographic in nature
ANS: B PTS: 1
17. Marketing segmentation focuses on which variable?

a. characteristics the differentiate consumers
b. market share
c. cyclographic
d. profitability
ANS: A PTS: 1
18. All of the following are examples of consumer types except

a. late adopters c. innovators
b. early adopters d. laggards
ANS: A PTS: 1
19. Which of the following would be last to adopt a new product?

a. early majority c. innovators
b. early adopters d. laggards
ANS: D PTS: 1
20. Which of the following are the two major variables needed to identify specific market segments?
a. demographic and benefit. c. geographic and benefit.
b. demographic and geographic. d. economic and financial.
ANS: A PTS: 1
21. Which of the following is a demographic variable?

a. weight c. attitude
b. hair color d. income
ANS: D PTS: 1
22. Products that consumers will take time to examine carefully and compare for quality and price are
a. convenience goods c. specialty goods
b. shopping goods d. generic goods
ANS: B PTS: 1
23. Products or services that consumers make a special effort to find and purchase are
a. convenience goods c. specialty goods
b. shopping goods d. generic goods
ANS: C PTS: 1
24. Which of the following is part of the marketing planning process?

a. market niche c. marketing research
b. market segmentation d. marketing myopia
ANS: C PTS: 1
25. The purpose of marketing research

a. is to gain customers
b. is to identify customers target markets and to fulfill their desires
c. to keep costs low
d. to develop new products
ANS: B PTS: 1
26. A marketing information system compiles and organizes data relating to _______ from the customer
base.
a. price c. demand
b. revenue d. supply
ANS: B PTS: 1
NAT: AACSB Communication | Environmental Influence KEY: pg 301
27. Which of the following is not a key factor affecting a marketing information system?
a. size of the system c. timeliness of the reporting system
b. usefulness or understandability of data d. relevancy of data
ANS: A PTS: 1
28. What element promotes and distributes products according to market research findings?
a. marketing research c. sales research
b. marketing plans d. cost analysis
ANS: C PTS: 1
29. What part of the marketing plan emphasizes the factors that contribute to a firms competitive edge?
a. appraisal of marketing strengths and weaknesses
b. development of marketing strategies
c. determining pricing structures
d. conducting market research.
ANS: A PTS: 1
30. What part of the marketing plan strategies begins with identifying the end users, wholesalers, and
retailers, as well as their needs and specifications?
a. product/service c. pricing structure
b. marketing d. competitive focus
ANS: A PTS: 1
31. The final critical factor in the marketing-planning process is

a. analysis c. sales forecasting
b. cost projection d. evaluation
ANS: D PTS: 1
32. Which of the following is not an Internet marketing advantage?

a. information transfer c. cultivate new customers
b. product demonstration d. limited target audience
ANS: D PTS: 1
33. Traditional marketing techniques tend to be _____ oriented, while the Internet is _____ oriented.
a. seek, maintain c. push, pull
b. seek, pull d. pull, push
ANS: C PTS: 1
34. The greatest future benefit from marketing on the internet lies in:
a. provide a business/firm description c. registering the domain name
b. direct selling d. making the site interactive
ANS: B PTS: 1
35. Internet marketing involves sharing information about the company with customers and
a. allows companies to sell customer information
b. copy catting
c. allows companies to slightly mislead customers
d. allows companies to gather information from customers
ANS: D PTS: 1
36. Among the numerous advantages of Internet marketing, two major concerns have arisen.
a. limited target audience and consumer resistance to change
b. unlimited target audience and consumer resistance to change
c. limited target audience and demographics
d. demographics and unlimited target audience
ANS: A PTS: 1
37. Which of the following factors affects pricing strategies?

a. degree of competitive pressure c. the management structure
b. the government d. how good the product is
ANS: A PTS: 1
38. Sometimes, consumers associate a higher price with

a. higher quality c. discounters
b. limited supply d. a complex product
ANS: A PTS: 1
SHORT ANSWER
1. How would you characterize your markets?
ANS:
Applying criteria to your best customers makes sense for the smallest of businesses, and asks how each
one can be more thoroughly characterized for the individual and the business. Examples of individual
characteristics include age, gender, race and ethnic group, hobbies, lifestyle, education, social class,
occupation, and income level. Business definitions include the kind or type of business
(manufacturing, wholesale, service, or retail), location, structure, sales level, distribution patterns, and
number of employees.
PTS: 1 NAT: AACSB Communication | Environmental Influence
2. How can an entrepreneur find more people (businesses/buyers) like the ones he or she already has?
ANS:
This question is a key to future business strategies. An entrepreneur must continually look for more
customers to replace those lost through normal attrition, and focus on becoming acquainted with new
potential customers who are candidates for frequent returns.
3. How will you attract and keep these markets?
ANS:
The initial response to this question comes from the ANS the question reveals, however, the basis
should have already been thought of in the initial business plan. The development of the ANS should
involve such questions as how and where to advertise, the stability of the businesss location, the
attractiveness and accessibility of the store, and the fit between your business and your chosen
markets.
4. How can an entrepreneur expand his or her markets?
ANS:
Because it is difficult to expand before you attract, the entrepreneur must not only focus on new
customers but realize when his or her market has become large enough to bring in new merchandise or
other services to satisfy new and returning customers. Continual research is effective in this area.
Many times customers find new products or ideas that are innovative and hence, potential profit
makers.
5. Why do they buy from one entrepreneur and not from the competition?
ANS:
Strategy is probably one of the most difficult things to determine for an entrepreneur. It has been my
experience that one must always keep the investor/customer in mind when beginning a business. The
more sacrifice customers see or receive from a business the more often they will return. There are
many benefits a business can pass along to its customers that other competitors may or may not be
willing to risk.

Kuratko 8e Chapter 10

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CHAPTER 10: MARKETING RESEARCH FOR ENTREPRENEURIAL VENTURES

2. The first step in marketing research is to gather primary data.

3. Information that has already been compiled is known as secondary data.

4. It is usually more expensive to gather secondary data than primary data.

6. Cost is often a major obstacle to marketing research for a new venture.

7. Only major strategic decisions need to be supported through marketing research.

8. Marketing research is sometimes irrelevant to a problem; however, it sometimes provides useful

2. The key to marketing analysis is

4. In defining research objectives, the entrepreneur should include

5. Surveys include contact by

6. Secondary data consists of

7. Which of the following is not a method of collecting primary data?

8. Which of these is the most expensive to conduct?

9. When developing a survey, you should consider

12. Which of the following is a complex marketing research technique?

13. Which of the following is a marketing philosophy?

14. The sales-driven philosophy

15. Which of the following influences the choice of marketing philosophy?

16. Market segmentation is

17. Marketing segmentation focuses on which variable?

18. All of the following are examples of consumer types except

19. Which of the following would be last to adopt a new product?

21. Which of the following is a demographic variable?

24. Which of the following is part of the marketing planning process?

25. The purpose of marketing research

31. The final critical factor in the marketing-planning process is

32. Which of the following is not an Internet marketing advantage?

37. Which of the following factors affects pricing strategies?

38. Sometimes, consumers associate a higher price with

1. How would you characterize your markets?

PTS: 1 NAT: AACSB Communication | Environmental Influence

PTS: 1 NAT: AACSB Communication | Environmental Influence

3. How will you attract and keep these markets?

PTS: 1 NAT: AACSB Communication | Environmental Influence

4. How can an entrepreneur expand his or her markets?

PTS: 1 NAT: AACSB Communication | Environmental Influence

PTS: 1 NAT: AACSB Communication | Environmental Influence

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