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Entrepreneurship Chapter 6 Marketing
Vocabulary for Ent Chapter 6
15
Business
11th Grade
10/29/2009

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Term
target market
Definition
the individuals or companies that are interested in a particular product or service and are willing to pay for it.
Term
marketing concept
Definition
uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
Term
demographics
Definition
data that describe a group of people in terms in their age, marital status, family size, ethnicity, gender, profession, education and income.
Term
psychographics
Definition
data that describe a group of people in terms of their tastes, opinion, personality traits and lifestyle habits.
Term
customers
Definition
people who buy the products and services companies offer.
Term
economic need
Definition
is anything that is required to live.
Term
economic want
Definition
an unfilled desire of a customer.
Term
market segments
Definition
groups of customers within a large market who share common characteristics.
Term
customer profile
Definition
a description of the characteristics of the person or company that is likely to purchase a product or service.
Term
secondary data
Definition
data found in already published sources
Term
primary data
Definition
information collected for the very first time to fit a specific purpose.
Term
focus group
Definition
an interview with groups of target customers who provide valuable ideas on products or services.
Term
direct competition
Definition
competition from a business that makes most of its money selling the same or similar products or services as another business.
Term
indirect competition
Definition
competition from a business that makes only a small amount of money selling the same or similar products or services as another business.
Term
customer loyalty
Definition
to keep customers who are buying your product or service.
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