Market Research

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What is marketing about?
Responding to the customers needs
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What is a market?
A place where buyers and sellers meet to trade products.
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When a market is dynamic, what does that mean?
It means that they are always changing.
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What is the first step for a new product or business?
trial purchases
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What are the two types of research?
Primary research and secondary research.
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What's the difference between Primary and secondary research?
Primary research is gathering new data e.g. Questionnaires, surveys or interviews. secondary research is gathering existing data e.g. newspapers, internet or company reports.
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What's the difference between quantitative data and qualitative data?
Quantitative data is factual information. Qualitative are opinions and views.
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What are the three factors of competition between two businesses?
Price, product range and customer service.
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Other cards in this set

Card 2

Front

What is a market?

Back

A place where buyers and sellers meet to trade products.

Card 3

Front

When a market is dynamic, what does that mean?

Back

Preview of the front of card 3

Card 4

Front

What is the first step for a new product or business?

Back

Preview of the front of card 4

Card 5

Front

What are the two types of research?

Back

Preview of the front of card 5
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