Vocabulary
A system for collecting, recording, and analyzing information about customers, products, services, and customers.
What is market research?
Data that describes a group of people by age, martial status, gender, etc.
What is demographic data?
Competitors are in the same line of business and they are offering the same product and service.
What is direct competitions?
This is step 1 in the Market Research process and also the easiest. We encounter this everyday.
What is Define Objective & Problem?
Individuals or companies that are interested in a product or services and are willing to pay for it.
The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers
What is market segmentation?
Competitors are offering the same product or service, but they have different marketing and business goals and they are adopting a different business strategy to target their market.
What is indirect competition?
This is the 6th and final step of the Market Research process. The step is done after all research has been done.
What is Visualize & Communicate Results?
A list of questions to ask customers to find out information.
What is a survey?
Data that helps a business determine where its potential customers live and how far they will travel to visit your business.
Identifying and examining the characteristics of a competing firm.
What is competitive analysis?
This is step 5 of the Market Research process. You have designed and collected all of the data. Then you do this step.
What is Analyze Data?
An interview with a group of potential customers who provide valuable feedback.
What is a focus group?
Data that an outside entity has already gathered.
What is secondary data?
A technique used to identify strengths, weaknesses, opportunities, and threats for your business
What is SWOT analysis?
This is step 4 of the Market Research process. This is the step after you have built and designed how you will conduct your research.
What is Sampling & Data Collection?
A description of the person or company that is likely to buy your product or service.
What is a customer profile?
This type of research gathers views and attitudes.
What is qualitative research?
This is the most difficult competition to identify among competitors because they use the same resources as your product or service, but they offer something else
What is replacement?
This is step 2 of the Market Research process. This is the step that you decide if you want to use primary or secondary data.
What is Determine Research Design?