Business vocab CH.6

  1. Industry
    a collection of businesses that are categorized by a specific business activity, such as transportion, electronics, or food services.
  2. Value Chains
    Support a common line of products or services that satisfy market demands.
  3. Carrying Capacity
    a way to understand the industry's ability to support new growth.
  4. Complexity
    The number and diversity of contacts with which you must deal to do business.
  5. Market
    A group of people or companies who have a demand for a product or service and are willing and able to buy.
  6. Target Market
    The particular group of customers of intrest to your company.
  7. Market Segmentation
    the process of grouping a market into smaller subgroups defined by specfic characteristics. 
  8. Market Segments
    Subgroups of buyers who have similar characteristics.
  9. Geographics
    The study of the market based on where customers live.This includes region, state, county, city, and/or area.
  10. Demographics
    the personal charasteristics of a population. This includes age, gender, family size, family life cycle, income,occupation,education,religon, race, social class, and/or nationality.
  11. Psychographics
    The study of consumers baased on social and psychlogical characteristics.These include personality,values, opinoins,beliefs, motivations, attitudes,and lifestyle elements,including activities and interests.
  12. Industrial Markets
    Customers who buy goods or services for business use buy here.
  13. Market Research
    The collection and analysis of information aimed at understanding the bhavior of consumers in a certain market.
  14. Exploratory Research
    Used when you know very little about a subject.(forms foundation for later research)
  15. Focus Group
    A group of people whose opinions are studied to estimate the types of opinions that can be expected from a larger population.
  16. Descriptive Research
    The collection of information to determine the status of something.
  17. Historical Research
    Involves studying the past to explain present circumstances and predict future trends.
  18. Secoundary Data
    Information that has already been collected by someone else.
  19. Primary Data
    Information you collect yourself (important because its recent and relates directly to your objectives)
  20. Barriers to Entry
    Conditions or circumstances that make it difficult or costly for outside firms to enter a market and compete with the established firm or firms.
  21. Economics of Sale
    situations where the cost of producing one unit of a good or service decreases as the volume of producition increases.
  22. Brand Loyalty
    Loyalty to or the tendency to buy a particular brand of a product.
  23. Market Share
    A portion of the total sales generated by all competing companies in a given market.
  24. Niche
    A small, specailized segment of the market based on costomer needs discovered in market research.
  25. Market Positioning
    The act of indentifying a specific market niche for a product or service.
  26. Competive Advantage
    A feature that makes a product more desirable than its competitors' products.
  27. Customer Profile
    A complete picture of a business's prospective customers.
  28. Customers Needs Analysis
    Pinpoints the features and benefits of your goods or services that customers value.
Card Set
Business vocab CH.6
Business vocab