P1 Hw 8- Market Research

Question 1

Market research

Answer 1

collection and analysis of data and information to inform a business about its market

Question 2

Market share

Answer 2

the proportion of total market sales that a firm has

Question 3

Product orientation

Answer 3

inward looking approach to new product development where the key focus is on what products can be made, and the production processes

Question 4

Market orientation

Answer 4

outward looking approach to new product development where the key focus is on what products the consumer wants

Question 5

Primary research

Answer 5

collection of first hand data that didn’t exist before

Question 6

Secondary research

Answer 6

research that had already been undertaken by another organisation

Question 7

Quantitative data

Answer 7

based upon numerical data, measures things and produces statistical information

Question 8

Qualitative data

Answer 8

based upon feelings, thoughts and opinions. Tries to identify why consumers behave the way they do

Question 9

Sample size

Answer 9

group of subjects that have been chosen from a larger group

Question 10

Bias

Answer 10

inclination or prejudice against something or someone

Question 11

Social networking

Answer 11

using websites and applications to interact with others

Question 12

Market segmentation

Answer 12

grouping people in a market based on demographic, geography, income and behaviour

Question 13

Sampling

Answer 13

involves the gathering of data from a sample of respondents to represent the whole market