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 customer persona is a semi-fictional profile that represents a typical target customer, including demographics, goals, and pain points.

Question 2

What does SOM stand for in market analysis?

Accepted Answer

Serviceable Obtainable Market

Answer

SOM stands for Serviceable Obtainable Market — the realistic share of SAM a business can capture in the near term.

Question 3

What is primary market research?

Accepted Answer

Original data collected directly from potential customers

Answer

Primary market research involves collecting original data directly from potential customers through surveys, interviews, or focus groups.

Question 4

What is the purpose of a PESTLE analysis?

Accepted Answer

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

Answer

A PESTLE analysis examines external macro-environmental factors — Political, Economic, Social, Technological, Legal, and Environmental — that affect a business.

Question 5

What does market penetration rate measure?

Accepted Answer

The percentage of a target market that has purchased the product

Answer

Market penetration rate measures the percentage of a target market that has purchased a company's product or service.

Business Plan Practice Test

Business Plan Practice Test

Business Plan Market Analysis 2