E OBJ 2.03 Vocab

Market research

• The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market

• The money charged for a product or service

• quantitative and qualitative assessment of a market

• an expense a business incurs through its normal business operations

Price

• The money charged for a product or service

• an expense a business incurs through its normal business operations

• an assessment of the practicality of a proposed plan or method.

• statistical data relating to the population and particular groups within it.

Demographics

• statistical data relating to the population and particular groups within it.

• quantitative and qualitative assessment of a market

• Government environment

• written description of your business's future, a document that tells what you plan to do and how you plan to do it

Feasibility Study

• an assessment of the practicality of a proposed plan or method.

• Government environment

• the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy

• written description of your business's future, a document that tells what you plan to do and how you plan to do it

Market analysis

• The system in which people make and spend their incomes

• Government environment

• an expense a business incurs through its normal business operations

• quantitative and qualitative assessment of a market

Operating expenses

• an assessment of the practicality of a proposed plan or method.

• quantitative and qualitative assessment of a market

• an expense a business incurs through its normal business operations

• 1 page business plan template that helps you deconstruct your idea into its key assumptions

Economy

• Government environment

• The system in which people make and spend their incomes

• Surroundings

• producing a number of inexpensive, scaled down versions of the product