Entrepreneurship: Chapter 4

market segments

Groups of customers within a large market who share common characteristics are called ________.

competitive analysis

Identifying and examining the characteristics of a competing firm is called a(n) ____.

touch point

In a CRM system, any type of interaction a customer has with a company is called a(n) ______

direct

A business that makes most of its money selling the same or similar products to the same as other businesses is ____ competition.

customer profile

A description of the characteristics of the person or company that is likely to purchase a product or service is called a(n) ________

psychographics

A person who prefers living uptown, loves jazz music and Italian food is an example of _____ data.

survey

A(n) _____ (or questionnaire) is a list of questions you would like to ask your customers to find out demographic and psychographic information.

focus group

An in-depth interview with several target customers who provide ideas on products and services is called a(n) __________.

loyalty

Businesses use many strategies to maintain customer ________, including offering store-specific credit cards, sending birthday cards to customers, and providing superior service.

mining

Data _______ is used to find hidden patterns and relationships in the customer data stored in the data warehouse.

demographics

Data that describe a group of people in terms of age, marital status, family size, income, and similar characteristics are called ______.

geographic data

Data that helps you determine where your potential customers live and how far they will travel to do business with you are called ______.

interchange

Electronic data ______ is the movement of data between locations in a structured, computer-retrievable format.

indirect

Marti's Boutique sells custom-made dresses. Macy's department store is an ____ competitor to Marti's Boutique.

question

The FIRST step of primary research is to define the ____.

survey

The most common type of primary market research is a(n) ________.

target market

When identifying their ____, entrepreneurs ask themselves, "How much money do my customers have?", "How old are my customers?", and "What needs or wants will my product satisfy?"

target market

Young professionals would likely be the ____ for a coffee shop that is located downtown.

CRM

_____ refers to a company's efforts to understand customers as individuals instead of as part of a group.

secondary

_______ data resources include employment statistics for specific regions of the country, the population of towns and neighborhoods, and he average household income in your town.