Analyze & Identify the Market Needs – Practice Flashcards

40 fill-in-the-blank flashcards covering key points on market analysis, segmentation, target markets, competition, market needs, and foundational elements of a business plan such as vision, mission, core values, and objectives.

A __ is a quantitative and qualitative evaluation of a market.

Market analysis

The goal of a market analysis is to look into the size of the market in both and .

volume and value

Market analysis also considers customer segments, buying patterns, competition, and the __ environment.

economic

__ segmentation divides people based on age, gender, income, and similar traits.

Demographic

__ segmentation groups consumers according to their location, such as regions or neighborhoods.

Geographic

Segmenting based on personality traits, values, and lifestyles is called __ segmentation.

Psychographic

Grouping customers according to their actions and interactions with a brand is known as __ segmentation.

Behavioral

A __ is the group of customers that a business directs its marketing efforts toward.

target market

Product, price, promotion, and place make up the four elements of the __ mix.

marketing

Market segments to which efforts are primarily directed are called __ target markets.

primary

Less important market segments that still receive attention are referred to as __ markets.

secondary

There is no such thing as “one size fits all” when identifying a market __.

niche

__ segmentation is the strategic process of dividing a broad market into smaller groups with shared characteristics.

Market

Competitors fight for a bigger portion of the __ share.

market

Businesses aim to meet customer needs better than their __.

competitors

Maslow stated that __ needs must be met before higher needs can be pursued.

lower

In a business plan, the __ provides a concise summary of the company's mission, structure, and offerings.

business overview

A __ statement outlines an organization's desired future state within 5–10 years.

vision

A vision statement should be concise, inspiring, and reflect core __.

values

Defining long-term goals, reflecting on values, and engaging the team are key steps in creating a __ statement.

vision

A business vision __ employees and stakeholders by clarifying purpose.

inspires

A __ statement concisely explains a company's purpose and how it achieves its objectives.

mission

A mission statement is usually stable and rarely __ unless the business changes fundamentally.

changes

Mission statements help align internal actions with overall business __.

strategy

Business __ values are guiding principles that shape culture and identity.

core

Core values provide a framework for decision-making, especially in __ situations.

challenging

Successful companies __ and reinforce their core values among employees and customers.

communicate

Business objectives align __ and drive accountability toward strategic goals.

teams

Objectives serve as a __, guiding how resources are used and opportunities seized.

compass

Chapter 1 of a business plan is typically titled __.

Introduction

The Strategic Marketing Plan appears in Chapter __ of the outlined business plan.

3

The __ Plan is listed as Chapter 6 in the business plan structure.

Financial

Market segmentation allows businesses to tailor offerings to specific customer __.

groups

When researching competition, entrepreneurs look at what __ are effective in the industry.

strategies

If a product does not address a consumer need, there is no __ to buy it.

market

Needs are __ or desired things that encourage us to act.

necessary

Making core values __ ensures they can guide daily decisions.

actionable

The step “__ and Communicate” encourages frequent sharing of the vision through multiple channels.

Share

A mission statement should be action-oriented, focusing on what the company __.

does

Regularly reviewing and updating your vision keeps it __ and aligned with changing circumstances.

relevant