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Question 1

Cashback

Answer 1

A service offered by some retailers when customers pay by card. The
retailer gives the customer cash and debits the amount of cash
handed over from the customer’s payment card.

Question 2

Closed question

Answer 2

A question format that limits respondents’ answers, for example to
‘yes’ or ‘no’.

Question 3

Cold calling

Answer 3

Telephone calls that were not requested by the person being called,
commonly used for market research and sales.

Question 4

External secondary
data

Answer 4

Data published by organisations such as commercial research
companies (eg Mintel International Group Ltd and Savanta), which
providers use for their own research.

Question 5

Focus group

Answer 5

A small group of customers or potential customers brought together
by the market research company or by the provider itself to discuss
how they feel about a particular product, market or service

Question 6

Internal secondary
data

Answer 6

Data produced by the provider that was once primary data, eg
surveys carried out or financial statements prepared.

Question 7

Interviews

Answer 7

A two-way process for collecting information from customers,
usually face to face or over the telephone.

Question 8

market research

Answer 8

The action or activity of gathering information about consumers’
needs and preferences

Question 9

Market segmentation

Answer 9

Splitting up the whole market into smaller segments within which
customers share particular features, eg income, age, lifestyle.

Question 10

Marketing mix

Answer 10

The combination of factors that attracts and retains customers, eg
supplying the right product at the right price and promoting it
effectively. Sometimes summarised as the 4Ps or 7Ps.

Question 11

Mystery shopping

Answer 11

using researchers to pose as customers, either in person or via
telephone or electronic media, to check the quality of service that a
business provides.

Question 12

Open-ended
questions

Answer 12

Questions that cannot be answered with just ‘yes’ or ‘no’, designed
to get the respondent to open up about their thoughts and feelings.

Question 13

Packaged account

Answer 13

A current account that offers extra benefits, such as travel
insurance, for which the account holder pays a monthly fee

Question 14

Primary research

Answer 14

Original research carried out by the provider itself and tailored to its
own specifications

Question 15

Qualitative research

Answer 15

Research based on gathering and analysing people’s feelings and
opinions

Question 16

Quantitative research

Answer 16

Research based on gathering and analysing statistics.

Question 17

Sampling

Answer 17

Choosing a certain number of people (the sample) to represent the
total population. Samples are often carefully selected to make sure
the mix of ages, gender, ethnicity, lifestyle, etc, is proportional to
the wider customer base.

Question 18

Secondary research

Answer 18

Research that is based on data that already exists (see external and
internal secondary data).

Question 19

Telematics
technology

Answer 19

technology that allows personalised insurance policies to be created based on when and how you drive e.g. black box

Question 20

Unique selling point
(USP)

Answer 20

An aspect of a brand that makes it different from and better than the
brands of other providers.