Topic 9 Flashcards
What is market research
gathering information about consumer needs and preferences
what is primary research
original market research carried out by the provider itself and tailored to its own specifications
what is internal secondary data
data made by provider
what is external secondary data
data published by other organisations
what is cash back
A service offered by some retailers when customers pay by card. The
retailer gives the customer cash and debits the amount of cash
handed over from the customer’s payment card
what is a close question
A question format that limits respondents’ answers, for example to ‘yes’ or ‘no’
what is cold calling
Telephone calls that were not requested by the person being called, commonly used for market research and sales.
what is external secondary data
Data published by organisations such as commercial research
companies which providers use for their own research
what is a focus group
A small group of customers or potential customers brought together by the market research company or by the provider itself to discuss how they feel about a particular product, market or service
what is internal secondary data
Data produced by the provider that was once primary data, eg
surveys carried out or financial statements prepared
what is an interview
A two-way process for collecting information from customers,
usually face to face or over the telephone
what is market research
The action or activity of gathering information about consumers’ needs and preferences
what is market segmentation
Splitting up the whole market into smaller segments within which customers share particular features
what is mystery shopping
using researchers to pose as customers, either in person or via telephone or electronic media, to check the quality of service that a business provides
what are open ended questions
Questions that cannot be answered with just ‘yes’ or ‘no’, designed
to get the respondent to open up about their thoughts and feelings.
what is a packaged account
A current account that offers extra benefits, such as travel
insurance, for which the account holder pays a monthly fee.
what is primary research
Original research carried out by the provider itself and tailored to its
own specifications
what is qualatitive research
Research based on gathering and analysing people’s feelings and
opinions
what is quantative research
Research based on gathering and analysing statistics.
what is sampling
Choosing a certain number of people (the sample) to represent the total population. Samples are often carefully selected to make sure the mix of ages, gender, ethnicity, lifestyle, etc, is proportional to the wider customer base
what is secondary research
Research that is based on data that already exist
what is telematics technology
Technology that allows personalised insurance policies to be created based on when and how you drive, black box
what is inadequate financial capability an example of
inherent risk
In relation to interest-free credit card adverts, most headline product descriptions make no mention of what
a fee for transferring a balance from another card
what do cashback credit cards ecourage consumers to do
spend more to obtain a better discount
what are financial products specifically aimed at retaining customers
reward credit cards
what is a feature of cards that offer cashback and rewards
they have the cost of additional benefits built into the charging structure
what is an example of external secondary data
a financial statement from a competitor
what is the institution that interprests EU law known as
european court of justice
Many savings account providers offer introductory bonus rates to try to attract new customers. This is a response to…
economic change
what is multi car insurance an example of insurance companies responding to
social trends
