process that anticipates, identifies and satisfies 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
New information that has been gathered for a specific purpose through direct investigation such as questionnaires, surveys and interviews
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secondary data
Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles 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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respondents
Those who provide data for a survey usually by answering questions
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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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sample
A small group out of the total population which is selected to take part in a survey
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product trial
When consumers try 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 public
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viral marketing
Getting individuals to spread a message about a product through their social networks like Facebook or their group of friends
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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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retailers
Businesses which specialise in selling goods in small quantities to the consumer
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repeat purchase
When a customer buys a product more than once
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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, launch, growth, maturity, and decline
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research and developnment
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
The combination or range of products that a business sells
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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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brand
A named product which consumers see as being different from other products and which they can associate and identify with
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generic product
A product made by a number of different businesses in which customers see very little or no difference between the product of one business compared to the product of another business
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own brand
A product which is sold under the brand name of a supermarket chain or other retailer rather than under the name of the business which manufactures the product
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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, packaging or advertising
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premium price
A price which is above average for products of a particular type
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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
New information that has been gathered for a specific purpose through direct investigation such as questionnaires, surveys and interviews
Back
Card 4
Front
Information that already exists such as accounts and sales records, government statistics, newspaper and internet articles and reports from advertising agencies
Back
Card 5
Front
Data that can be expressed as number and can be statistically analysed
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