Small Business Encyclopedia

Category: Market Research

Demographics

Definition: A statistical view of a population, generally including age, gender, income, schooling, occupation and so on

Market Research

Definition: The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face

Market Surveys

Definition: The study of the spending characteristics and purchasing power of the consumer who are within your business's geographic area of operation; a research method for defining the market parameters of a business.

Market Testing

Definition: To test multiple marketing scenarios and select the most promising for expansion.

Target Market

Definition: A specific group of consumers at which a company aims its products and services

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