1.1 Business key terms (part 2)

Question 1

consumer panels

Answer 1

groups of consumers that are asked for feedback about a product over a period of time
(primary)

Question 2

database

Answer 2

an organised collection of data stored electronically with instant access, searching and sorting facilities

Question 3

focus groups

Answer 3

where a number of customers are invited to attend a discussion about a product led by market researchers
(primary)

Question 4

market orientation

Answer 4

an approach by a business that places the needs and wants of consumers at the center of the decision making process

Question 5

market research

Answer 5

a collection, presentation and analysis of information relating to the marketing and consumption of goods and services

Question 6

market segment

Answer 6

a part of a whole market where a particular consumer group has similar characteristics

Question 7

primary (field) research

Answer 7

the gathering of new and firsthand data which does not already exist

Question 8

product orientation

Answer 8

an approach by a business which places emphasis upon the production process and the product itself

Question 9

qualitative research

Answer 9

the collection of data about attitude, beliefs and intentions

Question 10

quantitative research

Answer 10

the collection of quantified - numerical - data

Question 11

respondent

Answer 11

a person or organisation that answers questions in a survey

Question 12

sample

Answer 12

a small group of people who must represent a proportion of a total market when carrying out market research

Question 13

secondary (desk) research

Answer 13

the collection of pre-existing, secondhand data

Question 14

socio-economic groups

Answer 14

division of people according to social class

Question 15

geographical segmentation

Answer 15

groups of consumers segmented based on:

• living in different geographical areas
• climates

Question 16

demographic segmentation

Answer 16

division of markets according to:

• age
• religion
• gender
• income
• ethnicity
• social class (socio-economic groups)

Question 17

psychographic segmentation

Answer 17

groups of consumers segmented based on their attitudes, opinions and lifestyle

Question 18

behavioural segmentation

Answer 18

groups of consumers segmented based on how they relate to a product
it can be in terms of:
- loyalty
- usage rate
- time and date of consumption