Chapter 4 Flashcards
Competitive analysis
Identifying and examining the characteristics of a competing firm
Customer profile
Description of the characteristics of the person or company that is likely to purchase a product or service.
Customer relationship management (CRM)
The goal of a new marketing trend that focuses on understanding customers as individuals instead of as part of a group
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
A business that makes most of its money selling the same or similar products or services to the same market as other businesses
Focus group
In-depth interview with a group of target customers who provide valuable ideas on products or services.
Geographic data
Data that help a business determine where it’s potential customers live and how far they will travel to visit the business
Indirect competition
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
System for collecting, recording, and analyzing information about customers, competitors, products, and services.
Market segments
Groups of customers within a large market who share common characteristics
Primary data
Information collected for the very first time to fit a specific purpose
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
List of questions to ask customers to find out demographic and psychographic information; can be conducted by mail, over the phone, on the internet, or in person.
Target market
The individuals or companies that are interested in a particular product or service and are willing and able to pay for it
