Unit 2 - Market Research KW

Question 1

Consumer Panels

Answer 1

Groups of customers are asked for feedback about products over a period of time

Question 2

DataBase

Answer 2

An organised collection of data stored electronically with instant access, searching and sorting facilities

Question 3

Focus Groups

Answer 3

Where a number of customers are invited to attend a discussion about a product led by a market researchers

Question 4

Market orientation

Answer 4

An approach to business which places the needs of consumers at the centre of the decision-making process.

Question 5

Market research

Answer 5

The collection, presentation and analysis of information relating to the marketing and consumption of goods and services.

Question 6

Market segment

Answer 6

Part of a whole market where a particular customer group has similar characteristics

Question 7

Primary research or field search

Answer 7

The gathering of ‘new’ information which does not already exist.

Question 8

Product orientation

Answer 8

An approach to business which places the emphasis upon the production process and the product itself

Question 9

Qualitative research

Answer 9

The collection of data about attitudes, beliefs and intentions

Question 10

Quantitative research

Answer 10

The collection of data that can be quantified

Question 11

Respondent

Answer 11

A person or organisation that answers questions in a survey

Question 12

Sample

Answer 12

A small group of people who must represent a proportion of a total market when carrying out market research

Question 13

Secondary research or desk research

Answer 13

The collection of data that is already in existence

Question 14

Socio-economic groups

Answer 14

Division of people according to social class

Question 15

Market size

Answer 15

Is measured by the total value or total volume of goods sold in the market

Question 16

Market share

Answer 16

Is shown by the percentage of the market that the individual business sells too.

Question 17

Repositioning

Answer 17

Means changing the segment of the market a business is targeting

Question 18

Added value

Answer 18

Improving the good or service itself or improving the way markets perceive the product compared to competitor products and services

Question 19

USP

Answer 19

Unique selling point

Question 20

Non-price competition

Answer 20

Involves adding value to the product by finding ways to make it different from competing products

Question 21

Price elasticity of demand

Answer 21

Measures the change in quantity sold that results from a change in price

Question 22

PED

Answer 22

%change in quantity demanded / % change in price

Question 23

Brand

Answer 23

Creates identity for the product or service and highlights the ways in which it is different from competitors

Question 24

Brand loyalty

Answer 24

The way I which customers will make repeat purchases when they have decided that they prefer and have confidence in the product compared to others

Question 25

Product innovation

Answer 25

Involves inventing, designing new or imprecise products

Question 26

Process innovation

Answer 26

Involves the use of new technologies in the production process that can dust costs and increase manufacturing productivity

Question 27

Intellectual property rights (IPR’s)

Answer 27

Are acquired by people and businesses when they hold patents or copyright

Question 28

Marketing strategy

Answer 28

The methods used to achieve marketing objectives