Vocabulary
A collection of businesses with a common line of products or services
What is an Industry?
The ability of industry to support new growth
What is carrying capacity?
Life cycle all products (goods or services) go through during their existence.
What is the Product Life Cycle?
The study of the market based on where customers life, including region, state, country, city, and/or area
What is Geographics?
A group of people whose opinions are studied to determine the opinions that can be expected from a larger population
What is a focus group?
The number and diversity of contacts with which a business must deal
What is complexity?
a specific group of customers whom a business wishes to reach?
What is Target Market?
Stage of product life cycle where there is no direct competition and you are focused on innovation
What is Introduction?
Includes age, gender, income, and marital status
What are demographics?
the initial collection and analysis of information used when very little is known about a subject; it forms a foundation for later research
What is exploratory research?
A group of people or companies who have a demand for a product or service and are willing and able to buy it
What is a Market?
The process of grouping a market into smaller subgroups defined by specific characteristics
What is Market Segmentation?
Stage of the life cycle where there is low growth, higher competition and lower costs and prices
What is maturity?
The study of consumers based on social and psychological characteristics, including personalities, values, opinions, beliefs, motivations, attitudes, and lifestlye elements
What are psychographics?
The collection of information to determine the status of something, such as in developing a customer profile
What is descriptive research?
Subgroups of buyers with similar characteristics, segmented by geographics, demographics, psychographics, and buying characteristics
What are market segments?
The collection and analysis of information aimed at understanding the behavior of consumers in a certain market
What is market research?
Stage of life cycle where sales and profit increase and there are few competitors.
What is Growth?
Customers who buy goods or services for business use.
What is an industrial market?
information that has already been collected by someone else
What is secondary data?
Information that is collected for the first time, is current, and relates directly to the collector's study.
What is primary data?
conditions or circumstances that make it difficult or costly for outside firms to enter a market to compete with established firm or firms.
What are barriers to entry?
Stage of life cycle where there is no growth and financial loss.
What is Decline?
The process of dividing up the market by demographic, psychographic, geographic, and behavioral characteristics
What is Market Segmentation?
the study of the past to explain present circumstances and predict future trends
What is historical research?