P1 Hw 8- Market Research Flashcards
Market research
collection and analysis of data and information to inform a business about its market
Market share
the proportion of total market sales that a firm has
Product orientation
inward looking approach to new product development where the key focus is on what products can be made, and the production processes
Market orientation
outward looking approach to new product development where the key focus is on what products the consumer wants
Primary research
collection of first hand data that didn’t exist before
Secondary research
research that had already been undertaken by another organisation
Quantitative data
based upon numerical data, measures things and produces statistical information
Qualitative data
based upon feelings, thoughts and opinions. Tries to identify why consumers behave the way they do
Sample size
group of subjects that have been chosen from a larger group
Bias
inclination or prejudice against something or someone
Social networking
using websites and applications to interact with others
Market segmentation
grouping people in a market based on demographic, geography, income and behaviour
Sampling
involves the gathering of data from a sample of respondents to represent the whole market
