Deck 4: Profiling Your Target Customer

Question 1

According to Canadian entrepreneur Louise Guay, which of the following was a defining characteristic contributing to the success of MVM?

A) obtaining quick feedback
B) a solid vision and mission
C) the ability of the founding partners to identify a champion client, or primary customer
D) an extensive market analysis

Answer 1

the ability of the founding partners to identify a champion client, or primary customer

Question 2

Which of the following is Critical Mass as described in the opening case study?

A) a direct marketer
B) a direct competitor of Lands' End
C) a business-to-business (B2B) company
D) a business-to-consumer (B2C) company

Answer 2

a business-to-business (B2B) company

Question 3

Which of the following provides secondary research data on target customers?

A) focus groups
B) census taking
C) interviews
D) documentaries

Answer 3

census taking

Question 4

As described in the Chapter 4 case study, what did Elizabeth Wood use to get started in her own business?

A) B2B profiling
B) customer surveying
C) outsourcing and partnering
D) psychographics

Question 5

According to the textbook, what is the term for adapting or creating a product/service to satisfy a customer's need or want?

A) one-2-one marketing
B) profiling
C) market-push approach
D) market-pull approach

Question 6

In addition to the primary and secondary customer groups, which of the following groups influences a business?

A) sectoral
B) tertiary
C) invisible
D) tributary

Question 7

Which type of profiling is most relevant when looking at the group known as DINKs?

A) demographic
B) psychographic
C) personal
D) target market

Question 8

Which of the following is a key factor to the survival of a small business?

A) suppliers
B) investors
C) target customers
D) intermediaries

Question 9

Which of the following best defines CRM?

A) critical risk management
B) critical risk marketing
C) customer relationship management
D) customer relationship marketing

Question 10

Which of the following examines the whys and wants of consumer purchasing?

A) situational analysis
B) demographics
C) profiling
D) psychographics

Question 11

Which kind of customer does Louise Guay of MVM call a "follower"?

A) target customer
B) secondary customer
C) invisible customer
D) primary customer

Question 12

Which of the following uses a customer profile to determine what the customer wants?

A) market-push
B) market-pull
C) target market identification
D) segmentation

Question 13

According to the author, which of the following best exemplifies Action Step 27?

A) research prospective target customers
B) research prospective target customers and refine your mission statement
C) profile three firms using the Canadian Company Capabilities database
D) profile numerous firms using the Canadian Consumer Capabilities database

Question 14

Which of the following magazines is directed to a more specialized target customer?

A) People
B) Time
C) TV Guide
D) Men's Fitness

Question 15

What time frame is characteristic of a business vision?

A) the last six months
B) the past year or longer
C) the present
D) the future

Question 16

Which type of profiling is used for CRM?

A) segmentation
B) customer
C) industry
D) competitor

Question 17

Which of the following is the LEAST important question when interviewing potential customers?

A) What did you need, but could not find?
B) How far do you drive to shop here?
C) How often do you shop here?
D) I am opening a better store close by. Can I count on you to shop there?

Question 18

How does Robert Barnard describe the Nexus generation?

A) connected between the birth of the information age and the digital age
B) connected between the industrial age and the digital age
C) connected between the space age and the information age
D) connected between the industrial age and the birth of the information age

Question 19

What is SRI International's acronym VALS used to describe?

A) value and livelihood model
B) value and lifestyle model
C) visible and long-term consumer model
D) virtual and linked systems model

Question 20

How often are federal census data gathered?

A) every 2 years
B) every 4 years
C) every 5 years
D) every 10 years

Question 21

Which type of business works directly with mills and manufacturers in an attempt to eliminate the markups of middlemen?

A) outsourcing
B) wholesaler
C) direct merchant
D) indirect merchant

Question 22

Which term describes the mentality of entrepreneurs who focus on the basic features of a product such as size, colour, or price?

A) product-push
B) product-pull
C) pull-marketing
D) push-marketing

Question 23

What is the term for the mental picture of your business, product, or service at some point in time?

A) mission
B) objective
C) vision
D) concept

Question 24

Which type of marketing involves the process of identifying the specific needs of each customer, repeatedly satisfying those needs, and creating a long-term, value-added relationship?

A) consumer
B) end-user
C) benefit
D) one-to-one

Question 25

What are the three types of customer groups?

A) indirect, direct, and secondary
B) primary, secondary, and invisible
C) direct, secondary, and invisible
D) direct, indirect, and invisible

Question 26

As described in the text, which of the following businesses created software that allows consumers to mix and match different colours, styles, and sizes?

A) Lands' End
B) MVM
C) Sears
D) L.L. Bean

Question 27

Which of the following factors would you use if you wanted to study the demographics of a group of people?

A) age, education, and work status
B) lifestyle behaviours, buying habits, and attitudes
C) primary, secondary, and invisible market
D) consumer or end-user profile

Question 28

Which of the following is an important objective goal for B2B?

A) to reach more customers
B) to globalize
C) to create partnerships and joint ventures
D) to outsource

Question 29

Which of the following is used by businesses to solve the issue of how to communicate to target customers with minimal confusion?

A) situational analysis
B) demographics
C) profiling
D) psychographics

Question 30

Which of the following is an example of one-on-one marketing?

A) magazine advertisement
B) mobile app
C) radio advertisement
D) marathon sponsorship

Question 31

Which characteristic distinguishes a secondary customer from an invisible customer?

A) convincing
B) unexpected
C) need/want
D) profiling

Question 32

As described in the Chapter 4 case, which specific research methods were critical for Julia Gonzales in making the right location decision?

A) secondary
B) primary
C) interview
D) survey

Question 33

Which of the following explores the relationship between the wants and whys of consumer purchasing?

A) demographics
B) CRM
C) profiling
D) psychographics

Question 34

Which of the following applies to evaluating media such as TV, radio, and magazines?

A) market-pull
B) psychographic profiling
C) demographics
D) CRM

Question 35

Relationship marketing emphasizes the market-push approach.

Question 36

The market-pull approach involves using a customer profile to determine what the customer wants.

Question 37

Psychographics involves segmenting the population by lifestyle behaviour.

Question 38

A one-to-one marketing strategy begins with a customer profile.

Question 39

Customer relationship marketing emphasizes long-term and mutually beneficial relationships.

Question 40

According to the textbook, most marketers tell us that the product-push strategy works well in today's marketplace.

Question 41

Critical Mass (Chapter 4 case study) is a successful business-to-business (B2B) Canadian company that helped Nike to build a one-to-one relationship with its customers.

Question 42

According to the textbook, customers are the final consumers who buy and use the products and services.

Question 43

The invisible customer has a possibility or probability of buying your product or service but needs to be convinced.

Question 44

According to the textbook, a good way to understand the power of profiling is to analyze media sources that are aimed at different target markets.

Question 45

Your business can be both a B2B and a B2C company.

Question 46

Outsourcing functions such as accounting and payroll can help a small business owner to have more time to focus on the target customer.

Question 47

According to the Chapter 4 opening case study, Lands' End was a target customer of My Virtual Model.

Question 48

For a business-to-business profile, you need to collect both demographic and psychographic data to identify your target customers.

Question 49

Demographic analysis provides first-hand, intuitive insight into lifestyles.

Question 50

According to the textbook, for many entrepreneurs, their business ideas come in the form of visions.

Question 51

According to the textbook, two major advantages of the federal census are that it is comprehensive and timely.

Question 52

According to the textbook, the three customer groups that entrepreneurs should be looking for are primary, secondary, and indirect.

Question 53

Profiling refers to describing both the needs and behaviours of your customer.

Question 54

A target customer can be either a person or a business.

Question 55

Canadian Company Capabilities is a great magazine to help you profile Canadian businesses.

Question 56

Census data are gathered every 10 years.

Question 57

The term Nexus generation refers to the 50+ age group.

Question 58

According to the textbook, as a member of the B2B supply chain, a major goal is to create partnerships, joint ventures, or associations with your target customer.

Question 59

Your secondary research should include an analysis of current census data.

Question 60

Demographics is the study of population characteristics such as age, income, education, and sex.

Question 61

According to the textbook, field interviewing and surveying are two important primary research tools.

Question 62

For a business-to-consumer company, it is possible to get demographic information about target customers using postal codes.

Question 63

My Virtual Model (Chapter 4 case study) was successful because of its B2C strategy.

Question 64

A direct merchant works directly with manufacturers in an attempt to eliminate the markups from intermediaries.

Question 65

Your business-to-business (B2B) profile should include a company profile, end-user profile, and industry profile.

Question 66

In order for a joint venture or strategic alliance to be successful, the involved parties should have a common purpose.

Question 67

According to the text, you should focus your business start-up as a B2C company and expand into the B2B market once you are established.

Question 68

Your business mission is a mental picture of your business, product, or service at some point in time.

Question 69

We learned from the Julia Gonzales and Elizabeth Wood case studies in Chapter 4 that methods of obtaining primary research data include both interviewing and surveying potential target customers.

Question 70

The type of data you will need to analyze your target customer by lifestyle and buying habits is __________.

Question 71

The type of strategy that depends on a target customer profile is __________________.

Question 72

The target customer that has the highest probability of buying your product or service can be a person or a _________________.

Question 73

As a member of the B2B supply chain, your ultimate goal in your relationship with your target customers is to create ____________________.

Question 74

The type of research that involves field interviewing and surveying target customers is ___________________.

Question 75

The type of marketing that identifies the specific needs of each customer, repeatedly satisfies those needs, and creates a long-term and value-added relationship is described as ___________________.

Question 76

Long-term, mutually beneficial, and cost-effective relationships with your customers is called _____________ ____________ _______________.

Question 77

Many successful entrepreneurs are dreamers. Their best ideas come in the form of visions, which are recorded in their 24/7 ____________________ ____________________.

Question 78

List three sources of local community demographic data.

Question 79

Distinguish between an end-user profile and a business-to-business profile.

Question 80

Describe the invisible customer.