Chapter 8: Understanding Markets and customers Flashcards
Marketing research
Involves gathering and analysing data relevant to the marketing process
Primary market research
Collects and analyses data for the first time to use for marketing purposes
Secondary marketing research
Collects and analyses data that already exists for marketing purposes
Competitiveness
Measures the extent to which business offers good value for money relative to competitors.
A business is competitive if it offers better value for money than rivals
Target population
All the items or people that are relevant to the market research being undertaken
Sample
Group of people or items selected to represent the target population
market mapping
Analyses market conditions to identify the position of 1 product or brand relative to others in the market
Confidence level
Probability that the research findings are correct
Confidence interval
Possible range of outcomes for a given confidence level
For example : 95% confidence that sales will be between £500,000 and
£700,000
A brand
Is a ‘promise of an experience’ and conveys to consumers a certain assurance as to the nature of the product or service
Patent
Protects new inventions and covers how things work, what the do,how they do it and how they are made
Trademark
Sign that can distinguish the goods and services of a business from those of its competitors
Price elasticity of demand
How response demands is to changes in the price when all the other factors are consistent
Income elasticity of demand
The sensitivity or responsiveness of the quantity demanded of a product to change to its price
Big data
Large and complex data sets, difficult to analyses but now easier with new tech
