Question

fill - in - the - blanks
instructions: while watching domain 2 lesson 1, fill in the missing words according to the information presented by the instructor. references are found in the brackets.

1. a target market identifies the ______________ to which a company markets its products and services. target market, value proposition, and pricing
2. a value proposition is a statement that explains ______________ a customer should do business with a company. target market, value proposition, and pricing
3. primary data is more ______________ and reliable compared to secondary data. primary and secondary data
4. secondary data often contains ______________. primary and secondary data
5. a(n) ______________ competitor is a business that sells similar products or services as another business. evaluate competition
6. a(n) ______________ competitor is a business that sells different products or services but is similar enough to be competitive with another business. evaluate competition
7. a swot analysis documents a company’s strengths, weaknesses, ______________, and threats. swot analysis
8. financial limitations would be an example of a ______________ in a swot analysis. swot analysis

20 | domain 2 lesson 1
entrepreneurship and small business v.2 project workbook

Explanation:

1. A target market is the group of customers a company aims at.
2. A value - proposition explains why a customer should choose a company. The filled "Pricing" is incorrect; it should be "why".
3. Primary data is more relevant as it is collected directly for the specific purpose.
4. Secondary data often contains outdated or inaccurate information as it is already existing data.
5. A direct competitor sells similar products or services.
6. An indirect competitor sells different but comparable products or services.
7. A SWOT analysis includes strengths, weaknesses, opportunities, and threats.
8. Financial limitations are a weakness in a SWOT analysis.

Answer:

1. customers
2. why
3. relevant
4. outdated or inaccurate information
5. direct
6. indirect
7. opportunities
8. weakness