Chapter 11: Market Research

These flashcards cover key concepts and terminology related to market research, including methodologies, types of research, and business orientations.

Market Research

process of gathering, analyzing, and interpreting information about a market.

Primary Research

pollecting original data directly from potential or existing customers.

Secondary Research

uses information that has already been collected and is available for use by others.

Product-Oriented Business

A business model that focuses primarily on the product itself without considering customer needs.

Market-Oriented Business

focuses on identifying and meeting customer needs in the market.

Sampling Methods

Techniques used to select individuals from a population to participate in a survey or study

Qualitative Research

understand consumer behavior by exploring their attitudes, feelings, and motivations.

Quantitative Research

measures and quantifies consumer behavior and preferences, often through numerical data and statistics.

Focus Groups

where a diverse group of people discuss a product or concept to gather opinions and feedback.

Questionnaires

used in primary research consisting of a set of written questions, like a survey

Data Presentation

organizing and displaying the results of market research in a clear and understandable format