Identify and Meet a Market Need

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

• Target Market

• Customers

• Demographics

• Customer Profile

Data that describe a group of people in terms of their age, family size, ethnicity, gender, profession

• Customers

• Demographics

• Psychographics

• Target Market

The individuals or companies interested in a particular product or service and are willing to pay for it

• Demographics

• Customer Profile

• Customers

• Target Market

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

• Target Market

• Customers

• Demographics

• Psychographics

The people who buy the products and services companies offer

• Customers

• Customer Profile

• Target Market

• Demographics

Data found in already published sources

• Market Segments

• Market Research

• Secondary Data

• Primary Data

Groups of customers that share common characteristics

• Market Segments

• Market Research

• Primary Data

• Focus Group

Interview with groups of target customers who provide valuable ideas on products or services

• Secondary Data

• Primary Data

• Focus Group

• Customers

System for collecting, recording, and analyzing info about customers, competitors, goods, and services

• Market Segments

• Market Research

• Secondary Data

• Primary Data

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

• Primary Data

• Secondary Data

• Market Research

• Focus Group