MARKET

Market Intelligence

Information about the market, including customer profiling, that helps entrepreneurs develop appropriate strategies and tactics.

Customer Requirements

The needs, wants, and preferences of customers that are crucial for business decisions.

Target Market

The specific group of customers a business aims to reach; can be primary or secondary.

Primary Target Market

Individuals who need a product, are willing to buy it, and possess the financial power to do so.

Secondary Target Market

Individuals with limited purchasing power but can be persuaded to buy through effective marketing.

Market Size

An approximation of the number of buyers and sellers in a particular market, indicating its vastness or tininess.

Market Segmentation

The process of dividing consumers into groups based on similar characteristics, such as demographics, psychographics, geographic, and behavioral factors.

Demographic Segmentation

Grouping customers based on socio-economic factors like income range, social class, occupation, age, gender, religion, and ethnicity.

Psychographic Segmentation

Grouping customers according to their lifestyles, motivations, perceptions, and inclinations.

Geographic Segmentation

Grouping customers based on their location, which can vary from small areas like streets to larger regions like provinces.

Behavioral Segmentation

Grouping customers based on their behaviors, including occasions for use, desired benefits, loyalty, and product usage.

Estimating Market Size

The process of determining the potential number of customers and eliminating those unlikely to purchase.

Market Share

The portion of the market controlled by a particular company or product, compared against competitors.