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
location
the extent to which consumers identify with the place where they were born or grew up
psychographic
grouping people by common characteristics in how they live
market map
measuring where existing brands sit on a two factor grid
gap in the market
an area on a market map where few or no existing brands operate. implying a business opportunity to fill an unmet consumer need
competition
companies operating in your market or market sector
market
a place where goods are traded between customers and suppliers, trade in a particular type of product or the potential customer for a product
market size
the number of individuals within a market that are potential buyers and sellers of products, or the total value of products in the market
market share
the proportion of total sales within a market that is controlled by a business
observations
observing what people do or say
