681642
| Question | Answer |
| Marketing | The management process that is responsible for anticipating, identifying and satisfying customer needs profitably. |
| Market Research | The process of gaining information about customers, competitors and market trends through collecting primary and secondary data. |
| Primary Data | Information that has been collected by yourself. |
| Secondary Data | Data that has been collected by somebody else. |
| Quantitative Data | Data that is numbers and can be statistically analysed. |
| Qualitative Data | Data about opinions, judgements and attitudes. |
| Survey | Research involving asking questions of people or organisations. |
| Respondents | Those who provide the data for a survey, usually by answering the questions. |
| Market Segment | Part of a market that contains a group of buyers with similar buying habits. |
| A Market | A place where buyers and sellers come together to exchange goods and services. |
| Sample | A small group of the total population which is selected to take part in a survey. |
| Questionnaires | A list of questions to be answered by respondents, designed to give information about consumers' tastes. |
| Types of primary research | Surveys, focus groups, questionnaires, interviews. |
| Types of secondary research. | Internet, books, previous surveys and questionnaires. |
| Product Trial | Where a consumer buy a good for the first time and assess whether or not they want to buy it again. |
| Public Relations | Promotions of a positive image about products or business through giving information about the product to the general public, other businesses or to the press. |
| Viral Marketing | Getting individuals to spread a message about a product through their social networks like Facebook. |
| Penetration Pricing | Setting an initial low price for a new product so it appeals to customers. The price is likely to rise later. |
| Trade Buyers | Buyers of goods which then sell those goods onto consumers or other buyers e.g. supermarkets. |
| Wholesalers | Businesses which buy in bulk from a manufacturer or other supplier and then sell the stock in smaller quantities to retailers. |
| Retailers | Businesses that specialise in selling goods in small quantities to customers. |
Want to create your own Flashcards for free with GoConqr? Learn more.