Business vocab CH.6

a collection of businesses that are categorized by a specific business activity, such as transportion, electronics, or food services.

Support a common line of products or services that satisfy market demands.

a way to understand the industry's ability to support new growth.

The number and diversity of contacts with which you must deal to do business.

A group of people or companies who have a demand for a product or service and are willing and able to buy.

The particular group of customers of intrest to your company.

the process of grouping a market into smaller subgroups defined by specfic characteristics. 

Subgroups of buyers who have similar characteristics.

The study of the market based on where customers live.This includes region, state, county, city, and/or area.

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.

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.

Customers who buy goods or services for business use buy here.

The collection and analysis of information aimed at understanding the bhavior of consumers in a certain market.

Used when you know very little about a subject.(forms foundation for later research)

A group of people whose opinions are studied to estimate the types of opinions that can be expected from a larger population.

The collection of information to determine the status of something.

Involves studying the past to explain present circumstances and predict future trends.

Information that has already been collected by someone else.

Information you collect yourself (important because its recent and relates directly to your objectives)

Conditions or circumstances that make it difficult or costly for outside firms to enter a market and compete with the established firm or firms.

situations where the cost of producing one unit of a good or service decreases as the volume of producition increases.

Loyalty to or the tendency to buy a particular brand of a product.

A portion of the total sales generated by all competing companies in a given market.

A small, specailized segment of the market based on costomer needs discovered in market research.

The act of indentifying a specific market niche for a product or service.

A feature that makes a product more desirable than its competitors' products.

A complete picture of a business's prospective customers.

Pinpoints the features and benefits of your goods or services that customers value.