| A | B |
|---|
| customer profile | a description of the characteristics of the person or company that is likely to purchase a product or service |
| demographics | data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income |
| direct competition | comes from a business that makes most of its market as other businesses |
| focus group | an in-depth interview with a group of target customers who provide valuable ideas on products or services |
| indirect competition | comes from a business that makes only a small amount of money selling the same or similar products and services to the same market as other businesses |
| market research | a system for collecting, recording, and analyzing information about customers, competitors, goods, and services |
| market segments | groups of customers within a large market who share common characteristics |
| primary data | information collected or the very first time to fit a specific purpose is |
| psychographics | data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits |
| secondary data | data found in already-published sources |
| survey | a list of questions to asked to customers to find out demographic and psychographic information. a survey can be conducted by mail, over the phone, on the internet, or in person |
| target market | includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it |
