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