Entrepreneurship Chapter 6

Question 1

Group of people or companies who have a demand for a product and are willing and able to buy it

Accepted Answer

Market

Question 2

Collection and analysis of information aimed at understanding behavior of consumers in markets

Accepted Answer

Market Research

Question 3

The study of consumers based on social and psychological characteristics

Accepted Answer

Psychographics

Question 4

Information you obtain for the first time and use for your study

Accepted Answer

Primary Data

Question 5

Personal characteristics of a population

Accepted Answer

Demographics

Question 6

Information that has been collected by someone else

Accepted Answer

Secondary Research

Question 7

A particular group of customers you are interested in

Accepted Answer

Target Market

Question 8

Producing one unit of a good decreases as the volume of production increases

Accepted Answer

Economies of Scale

Question 9

The process of grouping a market into smaller subgroups defined by specific characteristics

Accepted Answer

Market Segmentation

Question 10

Customers who buy goods or services for business use

Accepted Answer

Industrial Markets

Question 11

A group of people whose opinions are studied to determine larger populations opinions

Accepted Answer

Focus Group

Question 12

The study of the market based on where customers live

Accepted Answer

Geographics

Question 13

A small, specialized market

Accepted Answer

Niche

Question 14

The industry's ability to support new growth

Accepted Answer

Carrying Capacity

Question 15

Conditions or circumstances that make it difficult/costly for outside firms to enter a market

Accepted Answer

Barriers to Entry

Question 16

A portion of total sales generated by all competing companies in an industry

Accepted Answer

Market Share

Question 17

A collection of businesses with a common line of products

Accepted Answer

Industry

Question 18

Loyalty or tendency to buy a particular brand of a product

Accepted Answer

Brand Loyalty

Question 19

The number and diversity of contacts with which you must deal

Accepted Answer

Complexity

Question 20

Age, gender, income level

Accepted Answer

Demographics

Questions 20