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Business from the book > unit 3 - chapter 8 > Flashcards

unit 3 - chapter 8 Flashcards

1
Q

marketing research definition

A

involves gathering and analysing data relevant to the marketing process

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2
Q

what is the link between market research and the customer (6W’s)

A

understand consumers in more detail
- who (demographic)
- what
- what influences ( advertisement)
- when (seasonal)
- where
- why

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3
Q

competitiveness definition

A

measures the extent to which a business offers good value for money relative to competitors, a business is competitive if it offers better value for money than rivals

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4
Q

what are the 2 forms of marketing research

A
  • primary
  • secondary
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5
Q

primary marketing research definition

A

collects and analyses data for the first time to use for marketing purposes

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6
Q

secondary marketing research definition

A

collects and analyses data that already exists for marketing purposes

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7
Q

examples of secondary research

A

newspapers, annual reports

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8
Q

pros and cons of secondary marketing research

A

cheap, less time consuming
- might not be in the exact format you want

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9
Q

examples of primary marketing research

A

observe shoppers behaviour on cctv, interview customers, survey

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10
Q

pros and cons of primary marketing research

A

personal market research (no one else would have or know it)
- time consuming
- can be expensive

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11
Q

target population definition

A

all the items or people that are relevant to the market research being undertaken

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12
Q

sample definition

A

a group of people or times selected to represent the target population

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13
Q

How is the accuracy and the value of the sampling effected

A
  • how the people or items are selected
  • how the sampling is conducted
  • the sampling size
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14
Q

quantitative data definition

A

data in numerical form

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15
Q

qualitative data definition

A

not in numerical form often descriptive

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16
Q

when is quantitative data used

A

to show what is happening in the market, but doesnt explain why

17
Q

when is qualitative data used

A

information on people’s feelings and emotions and why they/things happen

18
Q

market mapping definition

A

analyses market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria

19
Q

correlation definition

A

occurs when there is an apparent relationship between one factor and another

20
Q

what are the values for the strength of correlation

A

-1 perfect negative correlation
0 no correlation
+1 perfect positive correlation

21
Q

confidence interval definition

A

the possible range of outcomes for a given confidence level

e.g 95% confidence level that sales will be between £500,000 and £700,000 (interval)

22
Q

confidence level definition

A

the probability that the research findings are correct

23
Q

3 ways to interpret market data

A
  • correlation
  • extrapolation
  • confidence intervals
24
Q

extrapolation definition

A

market research will enable a business to track what has happened in the past and to estimate what sales might be like in the future (continuing the trend)

25
Q

negative of extrapolation

A

only works if conditions do not change

26
Q

what factors influence the level of confidence
(confidence level)

A
  • size of the sample
  • how the sample was constructed
27
Q

equation of PED

A

% change in quantity demanded / % change in price

28
Q

brand definition

A

a “promise of experience” and conveys to consumers a certain assurance as to the nature of the product or service they will receive

29
Q

patent definition

A

protects new inventions and covers how things work, what they do, how they do it, what they are made of and how they are made

30
Q

trademark definition

A

a sign which can distinguish the goods and services of a business from those of its competitors

31
Q

price elasticity of demand definition

A

measures how responsive demand is to a change in price, all other factors are constant

32
Q

income elasticity of demand definition

A

measures the sensitivity of responsiveness of quantity demanded of a product to a change in its price

33
Q

income elasticity of demand formula

A

%change in quantity demanded / %change in consumer income

34
Q

big data definition

A

large and complex data sets

35
Q

how can market research go wrong

A
  • changes in markets
  • the way information is gathered
  • lack of information

Business from the book (10 decks)

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