Chapter 7 Vocabulary

2. Market segments based on where consumers live or where businesses are located.
3. Psychological characteristics of consumers, such as attitudes, opinions, beliefs, interests, personality, and personal preferences.
7. Grid used to compare characteristics of your business with those of your direct competitors.
9. Something that puts your business ahead of the competition.
13. New information that is collected for a particular purpose. It is obtained directly from potential customers.
14. Limited amount of customers who are most likely to buy a specific product or service.
15. Organized way to gather and analyze information needed to make business decisions.

1. Objective social and economic facts about people.
4. Maximum number of companies an industry can support based on its potential customer base.
5. Existing information that was previously gathered for a purpose other than the study at hand.
6. Any social, economic, or political factors that could impact your business including global, national, and industry-related factors.
8. Group of potential customers who are willing and able to purchase a particular product or service.
10. Market that includes as many customers as possible.
11. Business that sells a different product or service from yours but fills the same consumer need or want.
12. Business in your market that sells a product or service similar to yours.