Chap 4 Identify and Meet a Market Need

Individual companies that are interested in a product/service and are able to pay for it

• Target Market

• Customer Profile

• Market Research

• Market Segment

What is an aspect of target markets?

• Age

• Income level

• Location

• Price

• All

Groups of customers within a large market who share common characteristics

• Target Market

• Market Segment

• Customer Profile

• Market Research

Description of the characteristics of the person/company that is likely to purchase a product/service

• Target Market

• Market Segment

• Customer Profile

• Market Research

Data that describes a group of people in terms of age, marital status, family size, gender, profession, education and income

• Demographics

• Psychographics

• Use-Based Data

• Geographic Data

Data that describes a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits

• Demographics

• Psychographics

• Use-Based Data

• Geographic Data

Data that helps you determine where your potential customers use a particular service

• Demographics

• Psychographics

• Use-Based Data

• Geographic Data

Data that helps you determine where your potential customers live and how far they will travel to do business with you

• Demographics

• Psychographics

• Use-Based Data

• Geographic Data

System for collecting, recording, and analyzing information about customers, competitors, products, and services

• Market Research

• Primary Data

• Secondary Data

Information collected for the very first time to fit a specific purpose

• Market Research

• Primary Data

• Secondary Data