Entrepreneurship Chapter 4

Spreadsheets and databases are used for collecting and analyzing market research data.

groups of customers within a large market who share common characteristics are called

Which question should an entrepreneur answer in order to identify the target market?

Having your primary and secondary data, the next step is how to use the data to make a decision

The first step in a competitive analysis is to make a list of your competitors

an in-depth interview with several target consumers who provide ideas on products and services 

A major disadvantage of collecting primary data is that it can be time consuming and expensive.

A market segment consist of people with common characteristics.

Companies that offer similar or identical products to the same consumers,are called competitors

Characteristics of the person or company that is likely to purchase a product or service ?