Business Terms 6

3. a specific group of consumers at which a company aims its products and services.
4. your competitors are in the same line of business and they are offering the same product and service.
7. the process of identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to your own business, product, and service.
8. your competitors are offering the same product or service, but they have different marketing and business goals and they are adopting a different business strategy to target their market.
9. a description of a customer or set of customers that includes demographic, geographic, and psychographic characteristics, as well as buying patterns, creditworthiness, and purchase history.
11. the most difficult competition to identify among competitors because they use the same resources as your product or service, but they offer something else.
12. the action or activity of gathering information about consumers' needs and preferences.

1. research that gathers numerical data.
2. the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.
5. the data that the company has collected directly or that has been collected by a person or business hired to conduct the research.
6. research that gathers views and attitudes.
10. data that an outside entity has already gathered.