Revision Flashcards
Market research
Collection, presentetion and analysis of information relating to the marketing and consumption of goods and services
Untapped
Supply, market or talent that is available but has not been yet exploited
Primary or field research
Gathering of New information that doesnt already exist
Consumer panels
Groups of customers are asked for feedback about a product over a period
Secondary or desk research
Collection of data t already exist
Qualitatative data
Information about attitudes, beliefes and intentions, usually written in Word
Quantative data
Information that ca be quantified, that is, expresssed in numbers
Quantative data
Information that ca be quantified, that is, expresssed in numbers
Sample
Small groups of People, which must represent a proportion of a total market when carrying o
Market
Set of arramgements that allow buyers and sellers to communicate and
Marketing
Identifying customer needs and satifying them profitab
Product orientiated
Where a business focuses on the design and manufacture of the product itself rather them the needs of the customer
Market share
Proportion of sales in in total market that a business or product enjoys
Market analysis
Qualitatative and qualitatative assessment of the market
Mass market
Very large market in which products with mass appeal are marke
Niche market
Smaller market, usually within a larger market or induatry
Market segments
Part of a whole market where a particular
Socio economic group
Division of People according to sicial class based in employment status
Marketing mix
Elememts of a firms marketing that are designed to meet the needs
Marketing mix
Elememts of a firms marketing that are designed to meet the needs of customers
Product life cycle
Level of sales at the different stages through which a product passes over time
Skimming
Or creaming setting a high Price i
Penetration pricing
Setting a low Price to start with in order to get established in the market, Price May be raised once
