The management process that is responsible for anticipating,identifying and satisfyig 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 though direct investigation such as observation surveys and experiments
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SECONDARY DATA
information that already exists such as accounts sales and records, goverment stats* ,newspaper and internet articles and reports from advertising agencies
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Quantitive 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 questios
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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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Sample
a small group out of the total population which is selected to take part in a small survey
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Questionnaries
a list of questions to be answered by respondents, designed to give information about consumers tastes
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Product trial
when consumers buy a good for the first time and assess whether or not they want to buy it again
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Public Relations
promotion of a positive image about a product or business through giving information about the product to the general publicother business or to the press
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Product life cycle
the stages through which a product passes from its development to being withdrawn from sale the phases are research and development launching the product, growth, maturity, saturation and decline
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Research and Devlopment
the process of scientific and technological research and then development of the findings of that research before a product is launched
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Extension Strategy
method used to increase the life of a product and prevent it falling into decline
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Product portfolio or product mix
the combination or range of products that a business sells
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Product portfolio analysis
investigation of the combination of products sold by a business
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Boston Matrix
a model which analyses a product portfolio according to the growth rate of the whole market and the rlative market of a product within that market; a product is placed in one of four catergories- star, cash cow, problem child, or dog
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Product Differentiation
Making one product different from another in some way, for instance through the quality of a product its design or advertising
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Premium price
a price which is above the average for products of a particular type
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Marketing Mix
a combination of factors which help a business to take into account customer needs when selling a product usually summarised in the four p's (price,product, promotion,and place)
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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 though direct investigation such as observation surveys and experiments
Back
Card 4
Front
information that already exists such as accounts sales and records, goverment stats* ,newspaper and internet articles and reports from advertising agencies
Back
Card 5
Front
data that can be expressed as numbers and can be statistically analysed
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