| A | B |
|---|
| must conduct before starting your own business | market research |
| Industry analysis and customer analysis are | external factors to be considered before starting a business |
| two broad types of marketing research | primary and secondary data |
| companies usually spend LARGE amounts of money on this | market research |
| Looking at how products are made available to customers as well as how products are being advertised | part of industry analysis |
| A method of identifying and recording ideas for new businesses that does not involve evaluating the feasibility of ideas | brainstorming |
| People who form, own and operate businesses | entrepreneur |
| A section of the business plan that explains what products or services a firm will offer and how they will be priced, distributed and promoted | marketing plan |
| People who manage the day-to-day activities of a business, including computer information systems | operations personnel |
| A very brief description of a new business venture that includes the unique features and benefits it will offer | business concept statement |
| The section of the business plan that includes a review of an industry, competitors and potential customers | opportunity analysis |
| Trends in sales, product innovation, pricing and promotion of all firms that compete with one another are included in this section of the opportunity analysis | industry analysis |
| Things that are desired by potential customers that may lead to a purchase | needs |
| Information used in the opportunity analysis that is currently available (a survey does not have to be conducted to secure the information) | secondary data |
| Qualities used to describe potential customers that include age, gender, household size, occupation and education | demographic characteristics |
| A type of personal interview survey that involves a researcher asking questions of people who are together in a room | focus group |
| People who gather information on an industry, potential customers and competitors of a firm and make recommendations to top management based on their findings | market analyst |
| A printed document that is used to gather and record primary data | questionnaire |
| The section of the opportunity analysis that describes who purchases any products in an industry (the profile is not limited to people who are the focus of the firm) | customer analysis |
| Any activity in the opportunity analysis which involves gathering and analyzing secondary or primary data about an industry, customers and competitors that will aid in decision-making | market research |
| A process that involves grouping customers by similar characteristics they possess | market segmentation |
| A survey method that involves gathering information from one individual either face-to-face or on the telephone | personal interview |
