Introduction to Business

Section 2: Market Research and Product Development

Self-Checks

1
The gathering and analysis of information on the size location, and makeup of a market is called market ______ .
A)analysis
B)research
C)exploration
D)study
2
The marketing ______ involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.
A)concept
B)mix
C)design
D)plan
3
Facts about the populations are called ______ .
A)demographics
B)denominations
C)demonstrations
D)derivations
4
The people who are most likely to buy a company's service are called the ______ market.
A)demo
B)target
C)primary
D)viable
5
Companies take ______ steps in developing a new product.
A)three
B)seven
C)five
D)nine
6
The first step of product development is to ______ .
A)develop a business plan
B)obtain financing
C)generate ideas
D)screen ideas
7
Evaluating customer acceptance is ______ in product development.
A)not included
B)the first step
C)not important
D)the last step
8
When referring to product development, the goal of ______ is to collect information from customers who have used the product to see if the product is likely to be a success.
A)brainstorming
B)market segmentation
C)market research
D)test-marketing
9
A prototype is a ______ of the actual product.
A)computer image
B)model
C)illustration
D)mock-up
10
The division of a market for a product into groups of customers who have the same needs and traits is called market ______ .
A)research
B)sharing
C)segmentation
D)testing
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