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Flashcards covering key topics for the BS9 final exam.
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Delegation
The act of assigning responsibility and authority to another person to carry out specific activities.
Primary Market Research
Research collected directly from the source, such as surveys or interviews.
Secondary Market Research
Research that already exists, such as reports or publications.
Focus Group
A small group of people whose opinions are studied to determine the opinions that can be expected from a larger population.
Product Life Cycle
The stages a product goes through from when it was first thought of until it finally goes off the market.
Pricing Decisions
Decisions made by a business regarding the price of its products or services.
Spending Patterns
The way in which consumers spend their money on goods and services.
Niche Market
A market segment with a very specific focus.
Mass Market
A broad market approach targeting a wide range of consumers.
Brand Image
The perception of a brand in the minds of consumers.
Packaging
The materials used to wrap or protect goods.
Market Segmentation
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
Accuracy of Market Research
The degree to which market research findings reflect reality.
Place
Physical location where a company does business.
Good Customer Service
Assisting customers with their needs and addressing their concerns.
Marketing
The process of promoting and selling products or services including market research and advertising.