Business Unit 3 (Keywords)

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Marketing
The management process that 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 accounts and sale records, government statistics, newspaper and internet articals and reports from advertising agencies.
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Quantitative Data
Data that can be expressed as number and can be statistically analysed
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Qualitative Data
Data about opinions, judgements and attitudes
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Penetration Pricing
Setting an initial low price for a new product so that it is attractive to customers. The price is likely to be raised later as the product gains market share.
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Extension Strategy
Method used to increase the life of te product and prevent it falling into decline.
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Boston Matrix
A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market; a product is placed in one of four categories- star, cash cow, problem child or dog.
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Survey
Research involving asking questions of people or organisations
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Respondents
Those who provide data for a survey usually by answering questions
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Market Segment
Part of a market that contains a group of buyers with similar buying habits.
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Other cards in this set

Card 2

Front

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

Back

Market Research

Card 3

Front

Information that has been gathered for a specific purpose through direct investigation such as observation, surveys and experiments.

Back

Preview of the back of card 3

Card 4

Front

Information that already exists such as accounts and sale records, government statistics, newspaper and internet articals and reports from advertising agencies.

Back

Preview of the back of card 4

Card 5

Front

Data that can be expressed as number and can be statistically analysed

Back

Preview of the back of card 5
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