BS9 Final Exam Flashcards

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Flashcards covering key topics for the BS9 final exam.

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16 Terms

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Delegation

The act of assigning responsibility and authority to another person to carry out specific activities.

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Primary Market Research

Research collected directly from the source, such as surveys or interviews.

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Secondary Market Research

Research that already exists, such as reports or publications.

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Focus Group

A small group of people whose opinions are studied to determine the opinions that can be expected from a larger population.

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Product Life Cycle

The stages a product goes through from when it was first thought of until it finally goes off the market.

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Pricing Decisions

Decisions made by a business regarding the price of its products or services.

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Spending Patterns

The way in which consumers spend their money on goods and services.

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Niche Market

A market segment with a very specific focus.

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Mass Market

A broad market approach targeting a wide range of consumers.

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Brand Image

The perception of a brand in the minds of consumers.

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Packaging

The materials used to wrap or protect goods.

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Market Segmentation

The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

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Accuracy of Market Research

The degree to which market research findings reflect reality.

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Place

Physical location where a company does business.

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Good Customer Service

Assisting customers with their needs and addressing their concerns.

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Marketing

The process of promoting and selling products or services including market research and advertising.