Groups of customers within a larger market who share common characteristics.
What is Market Segment?
100
a description of the characteristics of the person or company that is likely to per chase a product or service
What is a customer profile?
100
a system for collecting, recording, and analyzing information about customers, competitors, products, and services.
What is Market research?
100
a business that makes most of its money selling the same or similar products or services to the same market as other businesses
What is Direct Competition?
100
Data that describe a group of people in terms of age, martial status, family size, ethnicity, gender, profession, education, and income
What is Demographics?
200
a list of questions.
What is a survey?
200
Name two out of the four data categories.
What is demographics,psychographics, use-based data, or geographic data?
200
Very expensive/ Time- consuming/ Helpful when major decisions must be made./ Use of primary data and secondary data to help you find ways to which you must meet customer needs./ Helps forecast sales and make other business decisions.
What is Market research?
200
is based on private property, freedom of choice, profit, and competition.
What is U.S. economic system?
200
Information found in already-published sources
What is Secondary Data?
300
an in-depth interview with a group of target customers who provide valuable ideas on products or services
What is a focus group?
300
data that help you determine how often potential customers use a particular service.
What is use-based data?
300
Information collected for the very first time to fit a specific purpose
What is Primary Data?
300
categorized as either direct or indirect
What is types of competitors?
300
Data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits
What is Psychographics?
400
a business that makes only a small amount of money selling the same or similar products and services to the same market as other business.
What is indirect competition?
400
DOUBLE JEOPARDY!!!! (fill in the blank) ______ can make decisions based on the information gathered about market segments.
What is businesses?
400
collecting it can be time-consuming and expensive
What is the disadvantages of primary data?
400
Identify threats to your business from the competition.
What is Step 6 in Competitive Analysis?
400
Identifying and examining the characteristics of a competing firm
What is Competitive analysis?
500
the goal of a new marketing trend that focuses on understanding customers as individuals instead of as part of a group
What is Customer relationship management (CRM)?
500
Data that help you determine where your potential customers live and how far they will travel to do business with you
What is Geographic Data?
500
Determine the Data Needed
What is Step 2 in Market Research?
500
Superior service/ more convenient hours/ easy return policies/ store-specific credit cards/ frequent-buyer programs
What is some strategies to maintain customer loyalty?
500
DOUBLE JEOPARDY!!!! the most common type of primary market research?