AICE Business Ch. 18 & 19 Vocab

market research

collecting and analyzing data about customers, competitors, and the market

primary research

first-hand data related to a business’s needs

secondary research

using existing data that was collected for another purpose

qualitative data

non-numerical data

quantitative data

numerical results from research

sampling

selecting a group of respondents from a larger population

sample

a representative group of people chosen from the target market for research

sampling bias

when a sample is not a good representation of the whole population

arithmetic mode

the value that occurs most frequently

mean

totaling all values and then diving by the # of values

median

middle value when data is ordered

range

difference b/w the highest and lowest value

coding

labelling qualitative data to identify the main themes and links b/w them

product

goods/services that are the end result of the production process

marketing mix

product, price, promotion, place

goods

products with a physical existence

services

products with no physical existence

brand

a unique symbol, name, or trademark that sets a product apart from competitors

intangible attributes of a product

subjective, unmeasurable customer opinions or feelings about a product

tangible attributes of a product

physical, measurable features of a product that are easy to compare