Ch.11- Market research Flashcards

1
Q

Market research

A

The process of collecting, recording and analysing data about the customers, competitors and market for a product

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2
Q

Unique selling point

A

The special feature of a product that sets it apart from other competitors’ products

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3
Q

Market-oriented

A

Products are developed based on consumer demand as identified by market research

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4
Q

Product-oriented

A

The firm decides what to produce and then tries to find buyers for the product

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5
Q

Primary research

A

The collection of first-hand data for the specific needs of the firm

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6
Q

Secondary research

A

The collection of data from second-hand sources

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7
Q

Quantitative research

A

The collection of numerical data that can be analysed using statistical techniques

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8
Q

Qualitative research

A

The collection of information about consumers’ buying behaviour and their opinions about products

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9
Q

Sample

A

A representative sample of the target market selected to take part in market research

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