Chapter 8 Flashcards Preview

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Flashcards in Chapter 8 Deck (12):
1

Marketing research

This involves gathering and analysing data relevant to the marketing process

2

Sampling

Gathering data from a group of respondents whose views or behaviour should be representative of the target market as a whole

3

Market Mapping

Analyses market conditions to identify the position of one product or brand relative to others in the the market in terms of given criteria

4

Confidence level

The probability that the research findings are correct

5

Confidence interval

The possible range of outcomes for a given confidence level

6

Brand

A promise of experience and conveys to consumers a certain assurance as to the nature of the product they will receive

7

Patent

Protects new inventions from being copied

8

Trade mark

A sign which distinguishes the goods and services of a business from those of its competitors

9

Price elasticity of demand

Measures how responsive demand is to changes in the price

10

Income elasticity of demand

Measures how responsive demand is to changes in the income

11

Big data

Refers to large and complex data sets. These have been difficult to analyse in the past but improvements in technology is making the use of big data more feasible

12

Extrapolation

Using previous patterns of numerical data in order to predict values in the future