Studied by 10 peopleConvenience
The ease with which a product or service can be used and/or it's easy-to-reach location
Viable
Able to work properly or successfully
Market Research
The process of gathering information about the market and customer's needs and wants in order to help inform business decisions, including product design and marketing
Primary Research
Research conducted first-hand; tailored to a company's specific needs.
Secondary Research
Existing sources of information that have previously been researched by other people for other purposes.
Qualitative Data
In-depth research into opinions and views of a small sample of people, providing information on why customers prefer particular products or not.
Quantitative Data
Numerical data from a large, representative sample size to give a clear picture of customer preferences.
Focus Group
A group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online
Target markets
A particular group of consumers at which a business aims its products and services
Sample
A portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population
Generation Y
(also known as millennials) the people born shortly before the 21 st Century usually defined as born between 1980 and 2000
Data
Information, particularly statistics, that can be collected and analysed
Biased
Unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly
Ethics
Moral principles or standards that guide the behaviour of a person or business
Source
A place, person or thing, such as a book or report, that can provide information to be used in research
Chamber of Commerce
A local association that promotes the interest of businesses in a county or region
Trade Association
Organisation founded and funded by businesses that operate in a specific industry
Analysis
The process of looking at data to identify patterns or trends
Incentive
Something such as a payment or gift that encourages someone to do something
Valid
Having a solid or accurate basis of facts
Segmentation
The process of breaking something up into smaller parts
Lifestyle
Grouping people by common characteristics of how they live, eg participation in sports or views on the environment.
Demographics
Relating to the structure of a population, for example gender differences
Axes
The reference lines on a graph
SWOT analysis
A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats to that business
Market Map
A diagram identifying where existing brands are currently positioned in the market according to two criteria eg Age and price
Gap in the market
An area on a market map where few or no existing brands operate, possibly where there is an opportunity to fill an unmet customer need
Competitive environment
The strength of competition between companies in the same market
Innovative
A new, perhaps original, product or process
Note
Flashcard