decision making
- Created by: Olivia Letts
- Created on: 02-01-19 20:48
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- Unit 3.3 ~ Decision Making
- Market Research - information gathered by researcher to find out people's thoughts on your product
- Primary Research - collected first hand by researcher for a specific purpose
- Secondary Research - collected by someone else which you can use that already exists
- Quantitative Data - data expressed in opinions
- Qualitative Data - data expressed numerically
- Sampling - gathering of data from sample of respondents, the results should be representative of population
- Marketing - process of identifying, anticipating and satisfying customer needs profitably
- Market Size - number of sales
- Market Growth - more people buying a product
- Market Share - who dominates the market
- Extrapolation - uses trends from historical data to forecast the future
- Correlation - strength of relationship between two co-variables
- Confidence Level - probability that researchers finds are correct
- Elasticity - measures responsiveness of demand to a change in a relevant variable
- Price Elasticity of Demand - measures extent to which quantity of a product demanded is affected by a change in price
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