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Vocab Deck #1
Market research
10
Culinary Art
Not Applicable
01/14/2021

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Cards

Term
Customer
Definition
Someone who visits your establishment, orders from your menu, and pays what you charge for a beverage or meal
Term
Demand
Definition
What people want; this is usually measured by the popularity of items on the menu
Term
Demographics
Definition
Characteristics, such as age, gender, and income, of potential customers in the area that your establishment is located
Term
Market research
Definition
The process of collecting and examining data about your customers and competitors
Term
Market share
Definition
the percentage of sales your restaurant will make out of all the sales possible
Term
Primary data
Definition
Data that is collected "firsthand" by the person doing research. Collecting the data yourself also ensures that it is current and closest to the source of the information
Term
Sample size
Definition
The number of people surveyed, interviewed, or polled about your restaurant ideas
Term
Secondary data
Definition
Data that is collected by someone other than you or your staff. This kind of data is farther from the source and probably older than primary data, but still useful for developing business strategies
Term
Segment
Definition
A market segment is a subgroup of consumers with similar interests, such as teens or office professionals
Term
Target marketing
Definition
The group of people you wish to draw into your restaurant, such as teens, families, or those interested in a particular theme
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