| Term | Definition |
|---|
| industry | A collection of businesses with a common line of products or services. |
| market | A group of people or companies who have a demand for a product or service and are willing and able to buy it. |
| target market | The particular group a business is interested in making the focus of all the company's efforts. |
| market segments | Small groups of buyers within a larger market with similar needs and interests. |
| psychographics | A segmentation of the consume free market, including personality, opinions, and lifestyle elements, including activities and interests. |
| industrial markets | Customers who buy goods or services for business use. |
| market research | The process of investigating the areas of the market. |
| exploratory research | Market research design used to expand knowledge when little is known about a problem. |
| describtive research | Market research design used to determine the status of something. |
| historical research | Market research design used to explore past occurrences, including their causes and effects. |
| secondary data | Information that has already been collected for a purpose other than the one under study. |
| primary data | Information obtained for the first time and is specific to the problem studied. |
| sales potential | The projected or estimated figure of the amount a product can realitically be expected to sell. |
| barriers to entry | Conditions that keep new businesses either from entering an industry or succeeding in that industry. |
| economies of scale | The phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger. |
| brand loyalty | The practice of customers to purchase products and services from companies they know. |
| proprietary technology | Know-how that is owned and often protected by patents. |
| market share | A portion of the total sales generated by all the competing companies in a given market. |
| niche | A small segment of the market, usually based on customer needs discovered through market research. |
| customer profile | A complete picture of a venture's prospective customers. It includes geographic, demographic, and psychograhic data. |
| customer needs analysis | A way to pinpoint exactly which features and benefits of your goods or services your cutomers value. |
Combine with other sets
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