Ch.11- Market research

Question 1

Market research

Answer 1

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

Question 2

Unique selling point

Answer 2

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

Question 3

Market-oriented

Answer 3

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

Question 4

Product-oriented

Answer 4

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

Question 5

Primary research

Answer 5

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

Question 6

Secondary research

Answer 6

The collection of data from second-hand sources

Question 7

Quantitative research

Answer 7

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

Question 8

Qualitative research

Answer 8

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

Question 9

Sample

Answer 9

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