Chapter 4 Study Flashcards
Entrepreneurship
What is a Target Market
The individuals or that are most likely to buy a particular product/service.
What is a Customer Profile?
A description of the characteristics of the person or company that is likely to purchase.
What are Market Segments?
Groups of customers within a large market who share common characteristics.
Parts of Demographic
age, marital status, family size, gender, ethnicity, education, profession
Parts of Psychographic
hobbies/interest, tastes, opinions, personality traits, lifestyle habits
Parts of Geographic
where your potential customers live
Parts of Behavioral
understanding how often a potential customer might use your product/service
What is Market Research?
A system for collecting, recording, and analyzing
What is Primary Data?
Information collected for the first time to fit a very first fit a specific purpose
What is a survey?
A list of questions you ask your potential customers to determine helpful
What is an observation?
Determining information by watching customer behavior
What is a focus group?
An in depth interview with a group of target
What are the disadvantages of Primary Data?
- time-consuming
- more expensive
What is Direct Competition?
A business that makes most of its money selling the same/similar products/service
What is Indirect Competition?
A business that makes only a small amount of money selling the same or similar
