Domain 2 Lesson 1

1. Target Market

   1. The customer group to which a company markets its products

2. Value Proposition

   1. A statement that explains to customers why they should do business with your company

3. Pricing 

   1. The amount a company charges for the product or service they sell

A. Primary

1. Firsthand research like surveys, focus groups, interviews and statistical data

   1. Most accurate and reliable

B. Secondary data

1. Usually an interpretation of primary data, so contains a personal bias

2. Includes data collected by other people articles from internet, company newsletters, census, academic journals

1. Direct Competitors

   1. Sell the same products or services as your company

2. Indirect Competitors

   1. Sell products that are different from yours but similar enough that their products could satisfy the same need

1. Strengths (things your company does well)

2. Weaknesses (areas in which your company is lacking)

3. Opportunities (anything that could increase your sales and grow your company)

4. Threat (anything that poses a risk to your company’s success and growth)