| A | B |
|---|
| Customers who like to purchase products and services from companies they know demonstrate | brand loyalty |
| A portion of the total sales generated by all the competing companies in a given market is called the | market share |
| Statistical data that describes a given market by criteria like personality, opinions, and lifestyle elements is called | psychographics |
| Which refers to a way to understand the industry’s ability to support new growth? | carrying capacity |
| Statistical data that describes a given market by criteria like age, gender, and income is called | demographics |
| Customers who buy for business use are a part of the | industrial markets. |
| Customers who buy for personal use are in what market segment? | consumer |
| A complete picture of a business's prospective customers is a | customer profile |
| ____________________ is information used specifically for your study and can be obtained by observation, interviews, and surveys. | Primary data |
| Established businesses can produce products more cheaply and quickly than smaller businesses. This is known as ____________________. | economies of scale |
| Research that involves patterns from the past to predict future trends is called ____________________. | historical research |
| To develop a customer profile, you would conduct ____________________. | descriptive research |
| A(n) ____________________ is a small segment of the market discovered through market research. | niche |
| One of the ways that entrepreneurs can collect ____________________ is by using the Internet. | secondary data |
| A(n) ____________________ is a feature that makes a product more desirable than its competitors. | competitive advantage |
| Breaking down the total market into smaller subgroups of buyers with similar needs and interests provides details of a(n) ____________________. | market segment |
| a group of people or companies who has a demand for a product or service and are willing and able to buy it | market |
| making it difficult for outside firms to enter an industry or compete in that industry | barriers to entry |
| process used to do market analysis | market research |
| market research data collected to explore some problem other than the one under study | secondary data |
| the specific market segment toward which all of a business's activities are directed | target market |
| research to determine which features and benefits of your goods or services your customers value | customer needs analysis |
| a collection of businesses with a common line of products or services | industry |
| complete picture of venture’s prospective customers | customer profile |
