Market Research

Data that describes a group of people by age, marital status, gender, etc.

• Psychographic data

• Demographics

• Geographic data

A system for collecting, recording, and analyzing information about customers, products, services, and competition.

• Market research

• Competitive analysis

• Qualitative research

Data that helps a business determine where its potential customers live and how far they will travel to visit a business.

• Demographics

• Geographic data

• Use-based data

Identifying and examining the characteristics of a competing business.

• Customer profile

• Market research

• Competitive analysis

An interview with a group of potential customers who provide valuable feedback.

• Survey

• Focus group

• Observation

Individuals or companies that marketing efforts are aimed at.

• Target market

• Customer profile

• Demographics

A description of the person or company that is likely to buy your product or service.

• Target market

• Customer profile

• Focus group

A list of question to ask customers to find out information.

• Survey

• Secondary data

• Focus group

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

• Primary data

• Secondary data

• Quantitative data

Which of these are questions a business should ask when identifying its target market? Check all that apply.

• How old are they?

• How much money do they make?

• How do they like to purchase their products and services?

• Where do they live?