in decision-making implies that the business will focus on the needs of the customer before taking decisions about the product< its price and the way it is promoted
Market Orientation
1 of 21
implies that the business will focus its efforts on creating the product rather than responding to market preferences
Product Orientation
2 of 21
shows the relationship between price and the quantity that customers want to buy
Demand Curve
3 of 21
shows the relationship between the price and the quantity that producers want to create and sell.
Supply Curve
4 of 21
is the price at which both buyers and sellers will be satisfied
Equilibrium Price
5 of 21
is the price at which all of the product that is currently available sells, and no one who wanted to buy the product at the going price fails to get it.
Marketing Clearing Price
6 of 21
the process of gathering data in order to understand current and future customer needs and factors affecting the marketplace.
Market research
7 of 21
obtained 'first hand' by the business that is interested in the results. It involves fieldwork and can be directly related to the needs of the individual business
Primary Market Research
8 of 21
uses data that has been gathered previously by another organisation and is publicly available. Also known as desk research.
Secondary Market Research
9 of 21
market research conducted where the results are numerical and can be analysed statistically
Quantitative Market Research
10 of 21
market research conducted where the results are based on opinions and feelings
Qualitative Market Research
11 of 21
involves collecting data from a group of people who will be representative of the target market or the population as a whole
Sampling
12 of 21
occurs when information collected from a sample does not accurately reflect variations in the total population.
Bias
13 of 21
A sample in which everyone has an equal chance of being selected.
Random Sample
14 of 21
involves dividing the target market into groups according to their consumer characteristics
Quota Sample
15 of 21
similar to quota samples but select participants within the groups on a random basis, to gain greater accuracy
Stratified Samples
16 of 21
is measured either by the total value or the total volume of goods sold in the market
Market Size
17 of 21
is shown by the percentage of the market that the individual business sells to
Market Share
18 of 21
is an increase in the size of a market
Market Growth
19 of 21
applies to a business that is aiming its product at the largest part of the market
Mass marketing
20 of 21
means deliberately targeting a small group of customers, within a larger market, who share the same characteristics or needs
Niche Marketing
21 of 21
Other cards in this set
Card 2
Front
implies that the business will focus its efforts on creating the product rather than responding to market preferences
Back
Product Orientation
Card 3
Front
shows the relationship between price and the quantity that customers want to buy
Back
Card 4
Front
shows the relationship between the price and the quantity that producers want to create and sell.
Back
Card 5
Front
is the price at which both buyers and sellers will be satisfied
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