9 Flashcards
Cashback
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.
Closed question
A question format that limits respondents’ answers, for example to
‘yes’ or ‘no’.
Cold calling
Telephone calls that were not requested by the person being called,
commonly used for market research and sales.
External secondary
data
Data published by organisations such as commercial research
companies (eg Mintel International Group Ltd and Savanta), which
providers use for their own research.
Focus group
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
Internal secondary
data
Data produced by the provider that was once primary data, eg
surveys carried out or financial statements prepared.
Interviews
A two-way process for collecting information from customers,
usually face to face or over the telephone.
market research
The action or activity of gathering information about consumers’
needs and preferences
Market segmentation
Splitting up the whole market into smaller segments within which
customers share particular features, eg income, age, lifestyle.
Marketing mix
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.
Mystery shopping
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.
Open-ended
questions
Questions that cannot be answered with just ‘yes’ or ‘no’, designed
to get the respondent to open up about their thoughts and feelings.
Packaged account
A current account that offers extra benefits, such as travel
insurance, for which the account holder pays a monthly fee
Primary research
Original research carried out by the provider itself and tailored to its
own specifications
Qualitative research
Research based on gathering and analysing people’s feelings and
opinions