Data
Data analysis
Involves studying raw data to find patterns and organizing the data into graphs and charts
demographics
Market research
Gathering and analyzing information about a business
Direct competitor
Company that sells goods or services that are identical or very similar to the ones another business sells
Sample size
Number of people in the group from which the data are collected
Data mining
Practice of searching through large amounts of computerized data to find useful patterns or trends
Demographic segmentation
dividing the market by customers personal statistics
Market segment
Group of people, families, businesses, or organizations with common characteristics or needs
Indirect competitor
Company that offers different, but similar, goods or services that could also meet the customer needs
Statistical analysis
Mathematical technique for analyzing collected data
Database
Collection of data that is organized
Geographic segmentation
dividing a market based on where customers live
market segmentation
Process of dividing a large market into smaller groups
Nonprice competition
Competition between businesses that is based on the features and benefits of good or service, not the price
SWOT analysis
Analyzing the goods and services of a business to determine the company's strengths, weaknesses, opportunities, and threats.
Qualitative data
type of primary data that provides insight into what people think about a topic
behavioral segmentation
dividing a market by the relationships between customers and the product
Marketing information system
Consists of the processes involved in collecting, analyzing, and reporting marketing research information, usually through technology
price competition
Occurs when price is the main reason that customers choose to buy from one business over another
Usage rate
How often a customer buys or uses a good or service
Quantitative data
Type of primary data that are the facts and figures from which conclusions can be drawn
Psychographic segmentation
Dividing the market by lifestyle choices
Mass market
entire large market of potential customers with no segmentation
Unique selling proposition (USP)
Statement that lists a business or products special features or benefits that highlight its competitive advantage
What is the difference between primary and secondary data?
Primary data is data primarily collected by an organization or individual; secondary data is information that already exists