1.1.2 Market Research

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8 Terms

1
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Market research
Gathering information about consumers' needs and preferences to identify opportunities and threats and make informed decisions.
2
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Market Oriented
When a business puts the consumer as the most important factor when providing products for the market.
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Product Oriented
When a business puts the product as the most important factor when providing products for a market.
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Primary Research
Original data gathered by the researcher that doesn't exist yet and can be gathered through methods such as questionnaires, surveys, interviews, and observation.
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Secondary Research
Information that has already been gathered such as data found online, in government publications, or trade press.
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Quantitative Data
Information that can be measured using numbers and analysed using mathematical or statistical methods.
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Qualitative Data
Non-numerical information that is descriptive and subjective, used to gain a deeper understanding of people's experiences and behaviors.
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Market Segmentation
The identification of an identifiable group of individuals or part of a market where consumers share one or more characteristics or needs.