3.1 key terms 0.0 / 5 ? Business Studies3.1GCSEAll boards Created by: alexiacorderoyCreated on: 16-03-17 16:25 Marketing The process of identifying, anticipating and meeting customers needs profitably 1 of 15 Market research The process of gaining information about customers, competitors and market trends through primary and secondary data. 2 of 15 Primary (field) research Gathering new data first hand which is tailored to find out the specific information you require. 3 of 15 Secondary (desk) research Gathering data and information that has already been collected before for a different purpose. 4 of 15 Quantitative data Data that can be expressed as numbers and can be statistically analysed. 5 of 15 Qualitative data Information about opinions, judgements and attitudes. 6 of 15 Survey/Questionnaire Research involving asking a list of questions, designed to gather information about customer needs. 7 of 15 Respondents Those who provide data during market research. 8 of 15 Market segmentation The process of splitting a market into smaller sub-groups of consumers with similar buying habits. 9 of 15 Market segment Part of a market which contains a group of buyers with similar buying habits. 10 of 15 Sample A small group out of the total population which is selected to take part in a survey. 11 of 15 Product trial When consumers buy a product for the first time and assess whether or not they want to buy it again. 12 of 15 Repeat purchase When a customer buys a product more than once. 13 of 15 Customer loyalty The willingness of buyers to make repeated purchases of a product or from a business. 14 of 15 Public relations Free promotion of a positive image through giving information to the public of the press. 15 of 15
OCR GCSE Sociology Start, Methodology, Education, Family and Crime & Deviance 5.0 / 5 based on 1 rating Teacher recommended
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