chapter 6 continued.....

(copied from kelly on some of the top points, wasnt here.)

• Industry: a collection of businesses with a common line of products or services.
• Carrying capacity: the ability of industry to support new growth.
• Uncertainty is the degree of stability or instability in an industry.
• Complexity: the number and diversity of contacts with which a business must deal.
• Stage of life cycle:
• Birth
• Growth
• Maturity
• Decline
• market: a group of people or companies who have a demand for a product or service and are willing and able to buy it.
• target market: a specific group of customers whom a business wishes to reach
• market segmentation: the process of grouping a market into smaller subgroups defined by specific characteristics.
• market segments: subgroups of buyers with similar characteristics, segmented by geographics, demographics, psychographics, and buying characteristics.
• geographics: the study of the market based on where customers live, including region, state, country, city, and/or area.
• psychographics: the study of consumers based on social and psychological characteristics, including personality, values, opinions, beliefs, motivations, attitudes, and lifestyle elements.
• industrial markets: customers who buy goods or services for business use.
• the target market for your product or service should be:
• measurable
• large enough to be profitable
• reachable
• responsive
• market research: the collection and analysis of information aimed at understanding the behavior of consumers in a certain market
• exploratory research: the initial collection ans analysis of info used when very little is known about a subject.
• focus group: a group of people whose opinions are studied to determine the opinions that can be expected from a larger population.
• descriptive research: the collection of info to determine the status of something such as in developing a customer  profile.
• historical research: the study of the past to explain the present and predict the future trends.
• secondary data: info that has already been collected by someone else.
• primary data: info that is collected for the first time, is current, and relates directly to collectors study.