definitions 1.2 Flashcards
unethical
an action or decision that is wrong from a moral standpoint
innovative
new original product or process
choice
giving customers options and increasing the chance that the product will be perfect for the tastes of one type of customer
convenience
making life easier for customers perhaps by a great location or product that saves time in preparation
identifying customers
finding out who they are, age, gender, incomes
quality
getting what they want or better
understanding customers
learning why customers do what they do
primary research
research conducted first hand, it is tailored to a company’s specific needs
focus group
a group discussion among people selected from the target market
quantitative data
factual research among a large enough sample to provide stats
secondary research
when a company uses research that has already been collected
qualitative data
in depth research into the opinions and views of a small group of potential or actual customers.
market segmentation
dividing customers within a market into smaller groups with common needs or wants then finding a product that fillfills those wants
market segments
the subsets within a market that have been identified as a result of market segmentation
demographics
the study of the statistical difference that exist within a population, both now and in the future
