Market Research Fundamentals

The process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry environment.

A specific group of consumers identified as the intended audience for a product or service, characterized by shared demographics, interests, and needs.

The total potential sales volume for a product or service within a defined market, often expressed in terms of revenue or the number of potential customers.

<p>The process of dividing a broader target market into smaller, distinct groups of consumers based on specific characteristics, such as demographics, psychographics, or buying behavior.</p> Signup and view all the answers

<p>An assessment of the strengths and weaknesses of current and potential competitors, focusing on their products, services, market position, and strategies.</p> Signup and view all the answers

<p>A strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.</p> Signup and view all the answers

<p>A statement that explains how a product or service meets the needs of customers, differentiates from competitors, and offers unique benefits.</p> Signup and view all the answers

<p>Patterns or tendencies in a market that indicate how consumer preferences and behaviors are changing over time.</p> Signup and view all the answers

<p>The approach a business takes to set the prices for its products or services, influenced by factors such as costs, competition, and perceived value.</p> Signup and view all the answers

<p>A calculation to determine the point at which total revenues equal total costs, indicating that a business will start to generate a profit beyond this point.</p> Signup and view all the answers

<p>A plan outlining how a business intends to enter a new market, including methods of distribution, marketing, and sales tactics.</p> Signup and view all the answers

<p>A semi-fictional character that represents a segment of the target market, used to help businesses understand and anticipate customer needs and preferences.</p> Signup and view all the answers

<p>The process of estimating future consumer demand for a product or service based on historical data, market trends, and economic indicators.</p> Signup and view all the answers

<p>The stages a product goes through from its introduction to the market to its eventual decline, including introduction, growth, maturity, and decline phases.</p> Signup and view all the answers

<p>An assessment of the practicality and potential for success of a proposed project or business idea, considering various factors such as market demand, technical capabilities, and financial projections.</p> Signup and view all the answers

<p>The laws, regulations, and guidelines that govern how businesses can operate in a particular industry or region, which can impact market feasibility.</p> Signup and view all the answers

<p>The pathways through which products or services flow from producers to consumers, including wholesalers, retailers, and online platforms.</p> Signup and view all the answers

<p>A combination of factors that influence a consumer's decision to purchase a product, traditionally defined as Product, Price, Place, and Promotion.</p> Signup and view all the answers

<p>A financial metric used to evaluate the profitability of an investment, calculated as the net profit divided by the initial cost of the investment.</p> Signup and view all the answers

<p>The percentage of total sales in a market captured by a specific company or product, indicating its competitiveness and position relative to others.</p> Signup and view all the answers

<p>An assessment of whether the proposed technology and processes are capable of meeting the project's requirements within the given constraints.</p> Signup and view all the answers

<p>The sequence of steps or activities involved in transforming raw materials into finished products, including planning, design, manufacturing, and quality control.</p> Signup and view all the answers

<p>A graphical representation of the sequence of processes involved in production, detailing the flow of materials and information through the system.</p> Signup and view all the answers

<p>The machinery, tools, and technology necessary for the production process, including specifications, capacities, and operational needs.</p> Signup and view all the answers

<p>The maximum output a production facility can achieve under normal operating conditions, usually measured in units produced per time period.</p> Signup and view all the answers