| A | B |
|---|
| sales potential | the projected or estimated figure of the amount a product can realistically 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 psychographic data |
| customer needs analysis | a way to pinpoint exactly which features and benefits of your goods or services your customers value |
| 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 consumer 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 |
| descriptive 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 |
