| A | B |
|---|
| Target Market | The individuals or companies that are interested in a particular product or service and are willing to pay for it |
| Marketing Concept | The need of customers as the primary focus during the planning, production, distribution, and promotion of a product or service |
| Customers | The people who buy the products and services companies offer |
| Demographics | Data that describe a group of people in terms of age, marital status, family size, ethnicity, gender, profession, education and income |
| Psychographics | Data that describe a group of people in terms of their taste, opinions, personality traits, and lifestyle habits |
| Customer Profile | A description of the characteristics of the person or company that is likely to purchase a product or service |
| Market Segments | Groups of customers within a large market who share common characteristics |
| Market Research | A system for collecting, recording, and analyzing information about customers |
| Secondary Data | Data found in already published sources |
| Primary Data | Information collected for the very first time to fit a specific purpose |
| Focus Group | An interview with groups of target customers who provide valuable ideas |
| Direct Competition | Competition from a business that makes most of its money selling the same or similar products or services as another business |
| Indirect Competition | Competition from a business that makes only a small amount of money selling the same or similar products or services as another business |
