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Ideas in Action
Serving Customers Needs
By continually assessing market needs, Brian Hendricks was able to start a variety of PC related companies. Brians recommendations for entrepreneurs focus on the Five Ps of Entrepreneurship:
Planning Patience Persistence People Profit
Entrepreneurship: Ideas in Action
Cengage Learning/South-Western
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Lesson 4.1
Terms
target market market segments customer profile demographics psychographics use-based data geographic data
Entrepreneurship: Ideas in Action
Cengage Learning/South-Western
Chapter 4 Slide 4
Target Market
Customers are your most important asset. target market
the individuals or companies that are interested in a particular product or service
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What questions should you ask when identifying your target market?
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Market Segments
market segments
groups of customers within a large market who share common characteristics
Customer Profile
customer profile
a description of the characteristics of the person or company that is likely to purchase a product or service
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demographics
data that describes a group of people in terms of
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age marital status family size ethnicity gender profession education income
Entrepreneurship: Ideas in Action
Cengage Learning/South-Western
psychographics
data that describe a group of people in terms of
tastes opinions personality traits lifestyle habits
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use-based data
data that helps you determine how often potential customers use a particular service
geographic data
data that helps you determine
where your potential customers live how far customers will travel to do business with you
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Name four types of customer data that may be analyzed in developing a customer profile.
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Lesson 4.2
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Terms
market research primary data survey focus group secondary data
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Primary Data
primary data
information collected for the very first time to fit a specific purpose
survey
a list of questions you ask your customers to determine
demographic information psychographic information
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observation
determining information by watching customer behavior
focus group
an in-depth interview with a group of target customers questions are similar to survey questions group interaction allows for more in-depth discussion
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Secondary Data
secondary data
information found in already-published sources
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5. Take Action
Use your analysis results to develop an action plan.
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Lesson 4.3
Terms
direct competition indirect competition competitive analysis
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Impact of Competition
To remain competitive, you should offer products that are of equal or better quality than the competition and that sell for the same or lower prices.
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Why is it important for you to understand the competition your business faces?
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Types of Competition
direct competition
originates from a business that makes most of its income by
selling the same products or services as you
to the same market
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indirect competition
originates from a business that makes only a small amount of money by
selling the same products or services as you
to the same market
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Large Retailers?
Reasons that large retailers can be a source of strong competition include:
they can order and stock large quantities of products
the volume discounts they obtain result in lower prices to the consumer
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Competitive Analysis
competitive analysis
identifying and examining the characteristics of a competing firm
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Make use of and implement innovative technology in a multimedia presentation. Set priorities and manage time to prepare and present an effective multimedia presentation.
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THINK CRITICALLY
1. Why must the Super Bowl use a multimedia presentation to attract new corporate sponsors? 2. What kind of music or visual images would be good for a Super Bowl multimedia presentation?
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3. Why must the presentation emphasize the potential return on investment for corporate sponsors of the Super Bowl? 4. What is the value of being associated as a financier of the Super Bowl?
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