Ch.11- Market research Flashcards
Market research
The process of collecting, recording and analysing data about the customers, competitors and market for a product
Unique selling point
The special feature of a product that sets it apart from other competitors’ products
Market-oriented
Products are developed based on consumer demand as identified by market research
Product-oriented
The firm decides what to produce and then tries to find buyers for the product
Primary research
The collection of first-hand data for the specific needs of the firm
Secondary research
The collection of data from second-hand sources
Quantitative research
The collection of numerical data that can be analysed using statistical techniques
Qualitative research
The collection of information about consumers’ buying behaviour and their opinions about products
Sample
A representative sample of the target market selected to take part in market research