| A | B |
|---|
| demographics | Age, gender, family size, income |
| primary data | Data collected by the entrepreneur through interviews and surveys |
| market | A group of people or companies who have a demand for a product or service |
| brand loyalty | When customers purchase from companies with which they are familiar |
| industry | A collection of businesses with a common line of products and services |
| barriers to entry | A condition or circumstance that makes it difficult or costly for outside firms to enter a market to compete with established firm or firms. |
| secondary data | Data collected by others |
| niche | A small segment of the market that the entrepreneur defines |
| market segmentation | Dividing the total market into smaller groups |
| psychographics | The study of consumers based on social and psychological characteristics, including personality, values, opinions, and beliefs. |
| carrying capacity | The ability of industry to support new growth |
| economies of scale | Over time, producing products and services gets cheaper and quicker |
