Marketing Foundations
This is the specific group of customers at which a company aims its goods and services.
What is a target market?
The process of dividing a large market into smaller groups.
What is market segmentation?
This is the gathering and analyzing of information about a business.
What is market research?
This is competition based on the features and benefits of a good or service, not the price.
What is nonprice competition?
This is a person who owns a business and is personally responsible for its debts.
What is a sole proprietor?
Companies that primarily sell to other businesses are classified this way.
What is business-to-business (B2B)?
This type of segmentation involves dividing a market based on where customers live.
What is geographic segmentation?
Pieces of information collected by you or your organization for the first time.
What is primary data?
This is a business analysis that helps a company decide its strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
The legal document that describes the purpose, place of business, and other details of a corporation.
What is a charter?
This describes when a customer will buy a product, often used in behavioral segmentation.
What is buying status?
This is the term for a count of the people living in a country.
What is a census?
This is a statement that can be tested and proved either true or false.
What is a hypothesis?
Companies that offer different, but similar, goods or services that could also meet customer needs.
What are indirect competitors?
This term refers to the money and other assets owned by a business or person.
What is capital?
This is a detailed description of target market customers based on demographic, geographic, psychographic, and behavioral information.
What is a customer profile?
Dividing the market by customers' personal statistics, such as age, gender, and income.
What is demographic segmentation?
Data that provides insight into what people think about a topic.
What is qualitative data?
Giving customers greater value, better products, or something not offered by the competition.
What is a competitive advantage?
This type of corporation pays taxes on profits and provides personal liability protection for its owners.
What is a C corporation?
Companies that sell primarily to individuals, rather than other businesses.
What is business-to-consumer (B2C)?
Dividing the market based on customers' lifestyle choices.
What is psychographic segmentation?
The practice of searching through large amounts of computerized data to find useful patterns or trends.
What is data mining?
A statement that lists a business's or product's special features or benefits that highlight its competitive advantage.
What is a unique selling proposition (USP)?
A legal responsibility or obligation.
What is liability?