Market Research and Analysis

Industry
a collection of businesses with a common line of products or services

Carrying Capacity
the ability of industry to support new growth

Uncertaninty
is the degree of stability or instability in an industry

Complexity
the number and diversity of contacts with which a buisness must deal

Stage of life cycle
1 birth
2 growth
3 maturatity
4 decline
Market
A group of people or companies who have a demand for a product or service and are willing and able to buy it

Target Market
a specific group of customers who a business wishes to reach

Market Segmentation
the process of grouping a market into smaller subgroups defined by specific characteristics

Market Segments
subgroups of buyers with similar characteristics segmented by geographics demographics psychographics and buying characteristics

Geographics
the study of market based on where customers live including region state country city and or area

Psychographics
the study of consumers based on social and psychological characteristics including personality values opinions beliefs motivations attitudes and lifestyle elements

Industrial Markets
customers who buy goods or services for business use

Target Market
1 measureable
2 large enough to be profitable
3 reachable
4 responsive

Market Research
the collection and analysis of information aimed at understanding the behavior of consumers in a certain market

Exploratory Research
The initial collect and analysis of information used when very little is known about a subject ; it forms a foundation for later research

Focus Group
a group of people whose opinions are studied to determine the opinions that can be expected from a larger population

Descriptive Research
the collection of information to determine the status of something such as in developing a customer profile

Historical Research
the study of the past to explain present circumstances and predict future trends

Secondary data
information that has already been collected by someone else
ex.govermant data

Primary data
information collected for the first time is current and relates directly to the collectors study
ex.surveys and questionaires