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HLWW LL Ch. 4 Vocab

Vocabulary for Chapter 4 -- Laker Locker

TermDefinition
Market Refers to the groups of people, businesses, or organizations seeking the types of products or services you sell.
Consumers Persons or households that buy products and services for personal or family use.
Business Users Companies or institutions that buy products and services to use in running their businesses, to resell, to produce other products, or to provide services.
Market Segments Groups of people with similar needs and characteristics.
Market Segmentation Dividing the market for a product or a service into segments.
Target Market The particular group to whom you wish to sell your products or services.
Sales Forcast An estimate of sales, in dollars or units, for a specific time period.
Market Potential Refers to the total sales of all similar businesses in your area.
Average Market Share This is found by dividing market potential by the number of competing businesses.
Competition The effort of two or more businesses to win the same group of people as customers.
Competitors Individual firms involved in trying to win the same group of people as customers.
Scenario An outline of a chain of events that an individual believes could possibly occur in the future.
Worst-Case Scenario Trying to imagine a situation as bad as it could get.
Probable-Cast Scenario Describes what is more likely to occur.
Created by: dkcgtjs
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