| A | B |
|---|
| Brainstorming | A method of identifying and recording ideas for new businesses that does not involve evaluating the feasibility of ideas. |
| Entrepreneur | The people who form, own and operate businesses |
| Marketing Plan | 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. |
| Operations personnel | People who manage the day-to-day activities of a business, including computer information systems. |
| Business Concept Statement | A very brief description of a new business venture that includes the unique features and benefits it will offer. |
| Indirect competitor | Firms that must be profiled and analyzed when new-to-the-world products or services are being developed. |
| Psychographic characteristics | Qualities about potential customers that involve their interests and lifestyles. |
| Opportunity analysis | The section of the business plan that includes a review of an industry, competitors and potential customers. |
| Industry 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 |
| Needs | Things that are desired by potential customers that may lead to a purchase. |
| Secondary data | Information used in the opportunity analysis that is currently available |
| Demographic characteristics | Qualities used to describe potential customers that include age, gender, household siz, occupation and education |
| Focus group | A type of personal interview survey that involves a researcher asking questions of people who are together in a room. |
| Market analyst | People who gather information on an industry, potential customers and competitors of a firm and make recommendations to top management based on their findings |
| Questionnaire | A printed document that is used to gather and record primary data |
| Target market | The group of customers for which a firm's products, pricing, distribution and promotion are designed |
| Customer analysis | The section of the opportunity analysis that describes who purchases any products in an industry |
| Market research | 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 segmentation | A process that involves grouping customers by similar characteristics they possess |
| Personal interview | A survey method that involves gathering information from one individual either face-to-face or on the telephone |
