Group of people or companies that have a demand for a product or service and are willing and able to buy it.
What is a Market?
100
The particular group that you are interested in reaching.
What is a Target Market?
100
Using specific characteristics to analyze your market by breaking it down into segments.
What is Market Segmentation?
100
Physical characteristics such as age, gender, location, education, etc. to segment your market.
What are Demographics?
100
Using social and psychological characteristics of your customer to determine what motivates them.
What is Psychographics?
200
Market segmentation based upon where people live?
What is Geography?
200
The process designed to identify solutions to a specific marketing problem by systematically gathering and analyzing data.
What is Market Research.
200
Information collected for the first time to analyze a specific situation.
What is Primary Data?
200
Information already collected for purposes other than your current research project.
What is Secondary Data?
200
A blend of features that satisfies your chosen market.
What is a Marketing Mix?
300
A form completed each time a customer requests a product not in stock.
What is a Want Slip?
300
Periodic, temporary exhibits that are scheduled throughout the year in various trading centers.
What are Trade Shows?
300
A characteristic of a product or service.
What is a Feature?
300
The advantage provided to a customer as a result of the feature.
What is a Benefit?
300
Personal interviews, telephone interviews, and mail interviews are examples of these.
What are surveys?
400
Contains information on every county in the US with a population of more than 10,000. Includes total population, number of households, median cash, etc.
What is a Sales and Marketing Magazine?
400
Actions of people are watched and recorded.
What is Observation?
400
Observes the results of changing one or more marketing variable while keeping other variables constant.
What is the Experimental Method?
400
After obtaining secondary and primary data, this is the next step in the research process.
What is Organizing Data?
400
Serve specific industries and are great sources of information. Examples include Gales Encyclopedia of Associations or the National Trade and Professional Associations of the US.
What are Trade Associations?
500
Include newsletters and pamphlets, exist for every industry and can be used to gather date on current trends in your industry. Examples include Standard & Poor's Industry Survey and Predicasts F&S Forecasts.
What are Business Publications?
500
Consists of information inside the school store. Includes sales staff, customer records, etc.
What are Internal Sources?
500
Costs, expenses, economic conditions, customer impressions, and the competition are variables to consider in using this strategy.
What is Pricing?
500
Operating a want slip system in the school store to obtain assistance for buying decisions is an example of which internal source?
What are store records?
500
This is an external source of information that can be used to obtain assistance for buying decisions.