Market Research Flashcards

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Flashcards covering key market research vocabulary.

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18 Terms

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Unlimited liability

A feature of unincorporated businesses where the owners are personally liable for all debts incurred by the business.

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Limited liability

A feature of incorporated businesses where the owners’ liability is limited to the amount they have invested in the business.

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Public Limited Company

A public limited company (plc) is owned by shareholders but its shares can be freely bought and sold on the Stock Exchange.

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Private Limited Company

A private limited company (ltd) is one that is owned by shareholders but they cannot sell their shares without the agreement of the other shareholders.

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Sole Trader

One owner of the business who has sole control of the business and does not have to share the profits with anyone else.

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Market Research

The collection, collation and analysis of data relating to the marketing and consumption of goods and services

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Primary Market Research

Data collected first-hand for a specific purpose by the entrepreneur, also known as ’field research’

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Secondary Market Research

Data that already exists and which has been collected for a different purpose, also known as ‘desk research’

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Quantitative Data

Data collected and collated in numerical form to establish key information about a business and its market.

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Qualitative Data

Data collected and collated about opinions, attitudes & feelings and aims to understand why customers behave in a certain way .

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Sampling

A group of people that is intended to represent the overall target population

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Random Sampling

A sample where each potential member of the population has an equal chance of being in the sample

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Quota Sampling

A sample where the characteristics of the market as a whole are mirrored in the sample

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Stratified Sampling

Researchers divide subjects into subgroups based on shared characteristics then each subgroup is randomly sampled

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Correlation

An apparent (statistical) relation between two factors (variable) which can be either positive or negative.

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Extrapolation

A prediction of a future trend based on an identified current trend.

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Price elasticity of demand

Measures how much demand for a product changes following a change in its price.

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Income elasticity of demand

Shows the correlation between quantity demanded and customers’ incomes.