The market's percentage of U.S. effective buying income plus the market's percentage of U.S. retail sales plus the market's percentage of U.S. population are the elements of:

This is the location, the region, or the community that will be served by the business.

Attempting to determine the number customers who will leave their usual trading area to make purchases in other locations. Example: Trying to figure out how many people will drive to Springfield to purchase a new car rather than buying it in Harrison.

The gathering and interpreting of information about a trading area or the customers for a particular product.

This type of marketing research refers to collected information that can be measured numerically. Example: The number of people who live in a trading area and their average income.

This type of marketing research involves collecting information that focuses on the characteristics of customers - it can't be measured numerically. Example: Favorite type of music or recreational activity.

This is data that has already been collected for some other purpose. Example: The US Census collects information about our population that businesses can use.

This is newly collected data by the business to aid in answering a specific question. This can be done with surveys, interviews, experiments, or with by simply observing customers.

What primary research method should a business use to determine price sensitivity for one of its products?

This is used to direct marketing efforts at a very large and diverse group and everyone is considered to be a potential customer.

This refers to age, gender, race, income level, ethnicity, educational attainment level, or religious affiliation.

This is based on the idea that people who live in the same areas will have the same needs and wants.

This refers to our hobbies, interests, lifestyles, attitudes, and our social values.

This term refers to the specific group of customers a business wants to reach with its marketing efforts. Another name for our customers!

This refers to the total number of product lines a business offers to its customers. Example: A coffee shop offers espresso beverages, brewed coffee, smoothies, teas, and hot chocolate.

This refers to the variety of products that make up the primary product mix. Example: A coffee shop may offer five different fruit smoothies.

This is the variety of separate products that will be offered by the business. Example: A coffee shop might offer breakfast foods in the morning and sandwiches for lunch.

Reductions is a term that refers to the amount by which a business's inventory has been reduced. What is the most common reasons for inventory reductions?

This term refers to the number of times a business has sold and replaced the value of its total inventory during a given period of time - usually a year.

This is the amount of all the goods a company has in its stock, including raw materials, work-in-progress materials, and finished goods that will ultimately be sold.

When choosing suppliers/vendors which of these factors should you consider?

The process of selecting the best variety of products which will be offered during specified periods of time (seasons) by the business. Example: A coffee shop might offer a Peppermint Mocha during Christmas season or a green Shamrock Shake around St. Patrick's Day.

Which of the following is an example of an element that encourages a positive workplace environment?

This involves recruiting, interviewing, and hiring new employees as well as training, compensating, and disciplining employees.

The process of welcoming a new employee to the business and familiarizing the employee with company policing and procedures.

With this method of training, an experience employee or manager will demonstrate for a new employee the correct way of making a product while also explaining why and how it is done that way.

Recognizing employees for work well done and allowing employees freedom and flexibility in their work will primarily help:

Most businesses provide employee orientation as soon as new employees report for work because: