Market Research Vocab

  1. attitude research *- a type of research designed to obtain information on how people feel about certain products, services, companies, or ideas; also known as opinion research. 

  2. barriers to entry- a condition or circumstance that makes it difficult or costly for outside firms to enter a market to compete with established firm or firms. 

  3. brand loyalty- the tendency to buy a product of a particular brand. 

  4. carrying capacity- the ability of industry to support new growth. 

  5. competitive advantage-  a feature that makes a product more desirable than its competitiors.

  6. complexity- the number and diversity of contacts with which you must deal. In business, firms that operate in complex industries have more suppliers, customer, and competitors than firms in other industries. 

  7. customer needs analysis- a study that pinpoints the features and benefits of goods or services that customers value. 

  8. customer profile-a complete picture of a venture's prospective customers including geographic, demographic and psychographic. 

  9. data analysis *- the process of compiling, analyzing, and interpreting the results of primary and secondary data collection.

  10. descriptive research- the collection of information to determine the status of something, such as in developing a customer profile. The information may include age, gender, occupation, income and buying habits and can be collected through questionnaires, interviews, or observations. 

  11. economies of scale- a situation where the cost of producing one unit of a good or service decreases as the volume of production increases; the decrease of production costs relative to the price of goods and services. 

  12. experimental method *-a research technique in which a researcher observes the results of changing one or more marketing variables while keeping certain other variables constant under controlled conditions.

  13. exploratory research- the initial collection and analysis of information used when very little is known about a subject; it forms a foundation. 

  14. focus group-a group of people whose opinions are studied to determine the opinions that can be expected from a larger population

  15. geographic- the study of the market based on where customers live, including region state country, city and or area. 

  16. historical research- the study of the past to explain present circumstances and predict future trends.

  17. industrial market- a group of customers who buy goods or services for business use.

  18. industry- a collection of businesses with a common line of products or services.

  19. market- a group of people or companies who have a demand for a product or service and are willing and able to buy it.

  20. market intelligence *- information about the size and location of a market, the competition, and the segmentation within the market for a particular product or service. 

  21. market positioning- the act of identifying a specific market niche for a product. 

  22. market research- the collection and analysis of information aimed at understanding the behavior of consumers in a certain market.

  23. market segmentation- the process of grouping a market into smaller subgroups defined by specific characteristics.

  24. market segments – subgroup of buyers with similar characteristics, segmented by geographics, demographics, psychographics and buying characteristics

  25. market share- a portion of the total sales generated by all competing companies in a given market. 

  26. media research * - a type of research focusing on the issues of media effectiveness, selection, frequency and ratings; also known as advertising research.

  27. niche- a small specialized segment of the market based on customer needs discovered in market research. 

  28. observation method *-a research technique in which the actions of people are watched and recorded either by cameras or by observers. 

  29. primary data- information that is collected for the first time, is current and relates directly to the collectors study. 

  30. product research * - the evaluation of product design, package design, product usage, and consumer acceptance of new and existing products.

  31. psychographics- the study of consumers based on social and psychological characteristics including personality, values, opinions, belief, motivations, attitudes and lifestyle elements.

  32. qualitative research *- a type of research that focuses on smaller numbers of people and tries to answer why or how questions.

  33.  quantitative research *- a type of research that answers questions that start with how many or how much.

  34. secondary data- information that been collected by someone else.

  35. survey method * -a research technique in which information is gathered from people through the use of questionnaires.

  36. target market- a specific group of customers whom a business wishes to reach.

  37. validity *-  when questions asked on  a questionnaire measure what was intended to be measured. 

  38.  value chain – the distribution channel though which a product or service flows from the producer to the customer.