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VBRest Market Resear

1st VBRest assignment - market research

TermDefinition
Customer Someone who visits your establishment, orders from your menu, and pays what you charge for a beverage or meal.
Market research The process of collecting and examining, data about your customers and competitors.
Demographics Characteristics, such as age, gender, and income, of potential customers in the area of your establishment.
Target Marketing The group of people you wish to draw into your restaurant, such as teens, families, or those interested in a particular theme.
Segment A market segment is a subgoup of consumers with similar interests, such as teens or office professionals.
Demand What people want; this is usually measured by the popularity of items on the menu.
Market share The percentage of sales your restaurant will make out of all the sales possible.
Primary Data Is collected "firsthand" by the person doing research. More assured it is current and closest to the source of information.
Secondary Data Is collected by someone other than you or your staff. Is farther from the source and probably older than primary data, but still useful for developing business strategies.
Sample Size The number of people surveyed, interviewed, or polled about your restaurant ideas.
Created by: vhaun on 2013-03-07



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