Business Plan Market Analysis 2

Question 1

What is a customer persona in market research?

Accepted Answer

A fictional profile representing a typical target customer

Answer

A legal entity representing customers

Answer

A financial model for customer lifetime value

Answer

A competitive pricing strategy

Question 2

What does SOM stand for in market analysis?

Accepted Answer

Serviceable Obtainable Market

Answer

Share of Market

Answer

Standard Operating Metrics

Answer

Sales Opportunity Mapping

Question 3

What is primary market research?

Accepted Answer

Original data collected directly from potential customers

Answer

Research from published industry reports

Answer

Historical financial data

Answer

Competitor annual reports

Question 4

What is the purpose of a PESTLE analysis?

Accepted Answer

To examine Political, Economic, Social, Technological, Legal, and Environmental factors

Answer

To analyze profit and loss

Answer

To calculate product pricing

Answer

To determine employee performance

Question 5

What does market penetration rate measure?

Accepted Answer

The percentage of a target market that has purchased the product

Answer

How deep a company drills for raw materials

Answer

Total advertising spend

Answer

Annual revenue growth rate

Question 6

What is secondary market research?

Accepted Answer

Data gathered from existing sources like industry reports and government statistics

Answer

Research conducted after product launch

Answer

One-on-one customer interviews

Answer

Lab testing of products