market research unit 2 Flashcards
market research
the process of gathering and analyzing information about a market, product, or service
marketing mix
a combination of factors that can be controlled by a company to influence consumers to purchase its products
product skimming
a pricing strategy that sets new product prices high and subsequently lowers them as competitors enter the market.
price penetration
a marketing strategy used by businesses to attract customers to a new product or service by offering a lower price during its initial offering.
Define SWOT
a SWOT analysis is a technique for assessing these four aspects of your business. SWOT Analysis is a tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future.
aspects of SWOT
Strengths, Weaknesses, Opportunities and Threats
an entire business approach where all employees continuously look for ways to improve
Total quality management
assessing a good or service at different steps in the production process against set standards
quality control
gaining certification after an external body assesses a businesss operations system
quality assurance
quantitative data
data represented numerically, including anything that can be counted, measured, or given a numerical value.
qualitative data
information that cannot be counted, measured or easily expressed using numbers.
primary research
Primary research is data which is obtained first-hand. This means that the researcher conducts the research themselves or commissions the data to be collected on their behalf. Primary research means going directly to the source, rather than relying on pre-existing data samples.
secondary research
Secondary research is a research method that uses data that was collected by someone else. In other words, whenever you conduct research using data that already exists, you are conducting secondary research. On the other hand, any type of research that you undertake yourself is called primary research.
product
a product should possess key features to ensure it appeals to the needs of the target audience
functionality
reliability
durability
appearance qualities
price
the way a product is priced
competition products
cost of production
