Market Research and Market Analysis

These flashcards cover key concepts and definitions from the lecture notes on market research and market analysis.

Market Research

The systematic gathering, recording, and analysing of all information about some element of the marketing mix to identify and satisfy customer needs.

Target Market

A specific group of consumers with common needs and wants that a business aims its product or service at.

Niche Market

A specialist market with a limited number of suppliers due to its specific nature and requirements.

Market Segmentation

The process of dividing the market into identifiable sections with common characteristics.

Demographic Segmentation

Market segmentation based on common characteristics such as age, income, gender, and occupation.

Geographic Segmentation

Market segmentation based on different geographical areas or regions.

Psychographic Segmentation

Market segmentation based on beliefs, attitudes, lifestyles, and tastes.

Field Research

Primary research that seeks to discover new information about a market by going into the marketplace.

Desk Research

Secondary research based on previously conducted studies and data.

Disruptive Impact

The change brought about by digital technology affecting how businesses operate and consumers interact.

Ethical Marketing

Marketing that emphasizes honesty, transparency, and social responsibility over pure profit.

Sustainability

The practice of developing and promoting products that minimize negative environmental impact.

Power/Interest Grid

A stakeholder mapping tool that examines stakeholder motivations and influence.

STEEPLE Analysis

A framework that assesses external factors impacting a business, considering Social, Technological, Economic, Environmental, Political, Legal, and Ethical factors.

Consumer Behavior

The study of why consumers buy a particular product and the influences on their purchasing decisions.

Competitive Analysis

The research on market competitors to identify their strengths, weaknesses, and market share.