u2aos2 Flashcards
Define “Employees”
Employees are individuals who work for another in return for financial or other compensation.
Define “Customers”
Customers are individuals who purchase goods or services from a business.
Define “Competitors”
Competitors are businesses that operate in the same or similar industry and offer a similar good or service.
Define “Survey”
A Survey is a research method which involves asking questions to collect data from a group of people.
Define “Market Segmentation”
Market segmentation is the process of dividing a market into different groups of consumers that share similar characteristics.
Define “Qualitative Data”
Qualitative data is non numerical data. This can include information such as opinions or written
survey responses.
Define “Quantitative Data”
Quantitative data is numerical data, such as figures and statistics.
Define “Primary Data”
Primary data is information which is collected for the first time by the business for their research purpose.
Define “Manager”
A manager is an individual who has the responsibility of overseeing and handling employees and day-to-day tasks to achieve business goals.
Define “Customer Base”
A customer base is a group of consumers who continuously purchase goods and services from a business.
Define “Market Research Analyst”
A market research analyst is a marketing specialist who gathers and investigates customer information.
Define “Corporate Culture”
Corporate Culture is the shared values, beliefs, and behaviours upheld by managers and employees within a business.
Define “Target Market”
A Target Market is a specific group of customers which a business aims its marketing efforts towards.
Define “Customer Profile”
A customer profile is a specific description about the type of person a business is selling
to, including their demographic, psychographic and geographic characteristics.
Define “Marketing”
Marketing is the process of implementing strategies to price, promote, and distribute products to current and potential customers.
