Knowledge Matters Vocab

Someone who visits your establishment, orders from your menu, and pays what you charge for a beverage or meal.

• Demand

• Customer

• Market Research

• Segment

The group of people you wish to draw into your restaurant, such as teens, families, or those interested in a particular theme.

• Customer

• Segment

• Market Research

• Target Market

What people want; this is usually measured by the popularity of items on the menu.

• Demographics

• Primary Data

• Demand

• Market Share

The process of collecting and examining data about your customers and competitors.

• Customer

• Sample Size

• Segment

• Market Research

The number of people surveyed, interviewed, or polled about your restaurant ideas.

• Sample Size

• Secondary Data

• Segment

• Customer

Characteristics, such as age, gender, and income, of potential customers in the area that your establishment is located.

• Primary Data

• Demographics

• Secondary Sample

• Segment

A market segment is a subgroup of consumers with similar interests, such as teens or office professionals.

• Target Marketing

• Segment

• Primary Data

• Demand

The percentage of sales your restaurant will make out of all the sales possible.

• Customer

• Market Research

• Sample Size

• Market Share

Data that is collected “firsthand” by the person doing research. Collecting the data yourself also ensures that it is current and closest to the source of the information (i.e., the people who offered an opinion).

• Secondary Data

• Sample Size

• Segment

• Primary Data

Data that is collected by someone other than you or your staff. This kind of data is farther from the source and probably older than primary data, but still useful for developing business strategies.

• Demand

• Primary Data

• Secondary Data

• Segment