Market Segementation Flashcards
What are consumer panels?
Groups of customers are asked for feedback about products over a period of time.
What is a feedbase?
An organised collection of data that allows for sorting and instant access, with searching and sorting facilities.
What are focus groups?
Where a number of customers are invited to attend a discussion about a product led by market researchers.
What is market orientation?
An approach to business which places the needs of consumers at the centre of the decision-making.
What is market research?
The collection, presentation and analysis of information relating to the marketing and consumption of goods and services.
What is a market segment?
Part of a whole market where a particular customer group has similar characteristics.
What is primary research?
The gathering of ‘new’ information which does not already exist.
What is product orientation?
An approach to business which places the emphasis upon the production process and the product itself.
What is qualitative research?
The collection of data about attitudes, beliefs and intentions.
What is quantitative research?
The collection of data that can be quantified.
Who is a respondent?
A person or organisation that answers questions in a survey.
What is a sample in market research?
A small group of people who must represent a proportion of a total market when carrying out market research.
What is secondary research?
The collection of data that is already in existence.
What are socio-economic groups?
Division of people according to social class.
