Market Repost

INDUSTRY a collection of businesses with a common line of products of services.
CARRYING CAPACITY the ability of industry to support new growth.
UNCERTAINTY is the degree of stabillity or instability in an industry.
COMPLEXITY the number and diversity of contacts with which a business must deal.

    Stage of Life Cycle
INDUSTRY:

• 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 chararcteristics.
MARKET SEGMENTS subgroups of buyer with similar characteristics, segmented by geographics, demographics, 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, beliets, motivations, attitudes, and lifestyle elements.
INDUSTRIAL MARKETS customers who buy (business to business)

    Target Market and Customer
The target market for your product or service should be:

•  measurable
•  large enough to be profitable

MARKET RESEARCH the collection and analysis of information aimed at understanding the behavior of consumers in a certain market.