The management process thats is responsible for anticipating, identifying and satisfying customer needs profitably
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Market Research
The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
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Primary Data
Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments
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Secondary Data
Information that already exists such as sales records, or government statistics.
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Quantitative data
Data that can be expressed as numbers and can be statistically analysed.
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Qualitative data
Data about opinions, judgements and attitudes
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Respondents
Those who provide data for a survey usually by answering questions
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Survey
Research involving asking questions of people or organisations
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Market Segment
Part of a market that contains a group of buyers with similar buying habits
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Product Trial
Is the way a business persuades customers to try out a new product or service to help advertise its existence and gain feedback. Also helps build customer loyalty to the product and establish repeat purchase.
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Advertising
Customers are more likely to trial a product if they know about it. Customers become informed about the product
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Free Publicity
New businesses launching want publicity from journalists, free publicity is given if the journalists or producers may be invited to a launch party for the product.
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Low Trial Prices
Offer new products at a lower price: known as penetration pricing. Coupons may be distributed or provide a free sample.
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Other cards in this set
Card 2
Front
Definition of Marketing
Back
The management process thats is responsible for anticipating, identifying and satisfying customer needs profitably
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