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.
