ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Document describing a business; used to test feasibility, raise capital, & serve as a road map for future operations
|
|
|
Financial document that shows the assets, liabilities, and owner’s equity for a business
|
|
|
Define demographic characteristics, psychographic, geographic, etc.
|
|
|
Assess consumer needs over time to aid new product development
|
Detailed explanation-1: -Geographic segmentation looks at where customers are located; demographic segmentation looks at demographic characteristics such as age, gender, and income level. Psychographic segmentation looks at lifestyle and personality traits, and behavioral segmentation looks at how customers interact with a product or service.
Detailed explanation-2: -What is the difference between demographic segmentation vs psychographic segmentations? Psychographic segmentation’s emphasis on characteristics like personality and values differs from demographic segmentation, which uses a specific trait (like gender, age, income, etc.) to categorize potential audiences.
Detailed explanation-3: -Demographic segmentation in marketing is a type of consumer segmentation that involves grouping consumers based on shared demographic characteristics to create better marketing campaigns. These characteristics include age, gender, income, occupation, marital status, family size, and nationality.
Detailed explanation-4: -Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.