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Vocab
Vocab
Vocab
Vocab
Vocab
100
Loyalty to or the tendency to buy a particular brand of a product.
What is brand loyalty?
100
Information collected by someone else.
What is secondary data?
100
Small specialized market
What is niche?
100
is a complete picture of a venture's prospective customers.
What is customer profile?
100
Collected for the first time for a specific duty. First hand
What is primary data?
200
is the number and diversity of contacts with which you must deal.
What is complexity?
200
the portion of total sales generated by firms
What is market share?
200
Conditions or circumstances that make it difficult for outside firms to enter a market
What is barriers to entry?
200
Feature that makes a product more desirable than the competition.
What is Competitive Advantage
200
Act of identifying a specific market niche for a product.
What is market positioning?
300
is trying to reach all customers with a single marketing plan.
What is mass market?
300
A group of people whose opinions are studied to determine the opinions that can be expected from a larger population.
What is Focus group?
300
study of the market based on where customers live.
What is geographics?
300
study of consumers based on social and psychological characteristics
What is psychographics?
300
involoves studying the past.
What is historical research?
400
personal characteristics of a population.
What is demographics?
400
done when you want to determine the status of something
What is descriptive research?
400
customers who buy goods or services for business use make up this
What is industrial market?
400
collection of businesses with a common line of products or services
What is industry?
400
process of grouping a market into smaller subgroups defined by specific characteristics
What is market segmentation?
500
Pinpoints the features and benefits of your goods or services that customers value.
What is customer needs analysis?
500
subgroups of buyers with similar characteristics
What is market segments?
500
is used when you know very little about a subject
What is exploratory research?
500
the particular group of customers you are interested in is this...
What is target market?
500
Situations where the cost of producing one unit of a good & service decreases as the volume of producing increases.
What is Economics of Scale