| A | B |
|---|
| Industry | a group of similar businesses |
| Market | a group of people/companies with a demand for a product or service |
| Market Segment | Breaking down the market into smaller groups with similar interests |
| psychographics | personality, opinions, lifestyle |
| industrial markets | customers who buy goods/services for business |
| Market Research | to investigate and analyze information about a market |
| exploratory research | when you know little about a subject, use websites, publications, etc. |
| descriptive research | used to determine the status of something, age, gender, income, etc. |
| historical research | studying the past |
| secondary data | data obtained through government organizations, trade assoc., research agencies, etc. |
| primary data | data obtained for the first time, observation, surveys, etc. |
| demographics | basic characteristics such as age, income, education |
| market share | a portion of sales generated by all competing companies in a market |
| niche | a small segment fo the market |
| barriers to entry | things that keep new businesses from entering an industry |
| economies of scale | a large business that can offer low prices & efficiency |
| customer profile | a complete description of prospective customers |
| customer needs analysis | used to pinpoint the features and benefits of goods & services valued by customers |
| proprietary technology | to legally own a design or method of doing something |
| brand loyalty | when customers purchase products from companies they know |
