decision making

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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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