08/04/2022 Flashcards
What is a market?
A mix of buyers and sellers and an offer of services
What is a target market?
A group of customers at which a good or service is aimed
What is customer retention?
The ability to keep customers
What is market share?
The section of the market controlled by a business
What is market research?
Finding out information about people in the market, their wants and needs
What is primary research?
Gathering data which hasn’t been collected before
What is another name for primary research?
Field research
What is secondary research?
Gathering data which has been collected before
What is another name for secondary research?
Desk research
What is qualitative data?
Data based on opinion
What is quantitative data?
Data based on facts and numbers
What is a fixed cost?
A cost which doesn’t change based on output
What is an example of a fixed cost?
Salaries, rent, insurance
