Chapter 5.3 Flashcards
1
Q
Market research
A
Is the process of gathering, analysing and processing data relevant to marketing decisions
2
Q
Demand
A
The size and growth of the market and different segments that exist within the overall market
3
Q
Market share
A
The sales of each producer as a percentage of total sales in the market
4
Q
Competition
A
Competition the number of competitiors and their share of the total market sales
5
Q
Target market
A
The market that a business wants to put a product into
6
Q
Segment
A
A group of buyers with similar needs within the overall market
7
Q
Primary market research
A
Uses data gathered for the first time
8
Q
Secondary market research
A
Uses data that has been gathered already
