Entrepreneurship 2 H: Unit 4 Vocab

the process of locating and describing potential customers

• competitive analysis

• market analysis

• SWOT analysis

• marketing plan

products or services that are similar to those of your business

• secondary competition

• target market

• market segments

• primary competition

a process for monitoring the competition that involves identifying competition, anticipating their moves, and determining their strengths and weaknesses

• market analysis

• market segments

• competitive analysis

• SWOT analysis

Seven steps that a business will take to market their product/service to target markets

• market planning process

• marketing plan

• sales forecasting

• competitive analysis

products or services that meet same customer wants or needs

• primary competition

• secondary competition

• target market

• intermediate buyers

A segmentation method that divides customers into groups based on how they use the product or service.

• demographic segmentation

• geographic segmentation

• psychographic segmentation

• behavioral segmentation

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

• behavioral segmentation

• demographic segmentation

• psychographic segmentation

• geographic segmenation

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods

• demographic segmentation

• behavioral segmentation

• geographic segmentation

• psychographic segmentation

any buyer selling a product/service to any entity other than the ultimate consumer

• market segment

• target market

• intermediate buyer

• consumer

groups of customers within a large market who share common characteristics

• target market

• market segments

• primary competition

• secondary competition