SE: Chp. 5 Market Research

A group of people or business with common characteristics or needs.

• Target Market

• Market Segment

• Mass Market

• Micro-Marketing

Companies that sell primarily to consumers.

• Business-to-consumer market

• Business-to-business market

• Target Market

• Mass Market

A specific group of customers at which a company aims its products and services.

• Target Market

• Market Segment

• Micro-Market

• Mass Market

The entire market of potential customers.

• Target Market

• Market Segment

• Micro-Market

• Mass Market

Companies that sell primarily to other companies.

• Business-to-consumer market

• Business-to-business market

• Market Segment

• Micro-Marketing

Match the following

• Data Mining

• Searching through large amounts of computerized data to find useful information.

• Hypothesis

• A mathematical technique for analyzing collected data.

• Research Plan

• The specific steps for testing a hypothesis.

• Data Analysis

• A statement that can be tested and proved either true or false.

• Statistical Analysis

• Studying raw data to find patterns and organizing it into graphs and charts.

Companies can have both consumers and businesses as their customers.

• True

• False

Every business has one target market.

• True

• False

The main purpose of market segmentation is to decide where a new business should be opened.

• True

• False

Age, income, and education level are some of the data collected in a census that are used for demographic segmentation.

• True

• False