Understanding markets and customers

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Market research
The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process
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Primary market research
Collection or commissioning of information, gathered first-hand, for the specific purpose of the initial user
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Secondary market research
Information that has already been collected for a different purpose
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Qualitative market research
Collection of information about the market based on subjective factors such as opinions and research
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Quantitative market research
Collection of information about the market based on numbers
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Market mapping
A technique that analyses markets by looking at the features that distinguish different products or firm, e.g. a holiday market could be distinguished through historical, scenic, cheap or hot
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Sampling
Gathering data from a group of respondents whose views or behavior should should be representative of the target market as a whole
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Confidence interval (AKA) margin of error
The plus or minus figure used to show the accuracy of statistical results arising from sampling
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Correlation
A statistical technique used to establish the strength of the relationship between two sets of values
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Casual link
A link between two sets of information or types of behavior
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Extrapolation
Using previous patterns of numerical data in order to predict values in the future
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Price elasticity of demand
The degree to which the quantity demanded of a good pr service is affected by a change in price
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Income elasticity of demand
The degree to which the quantity demanded for a good or service is affected by a change in consumer income
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Card 2

Front

Collection or commissioning of information, gathered first-hand, for the specific purpose of the initial user

Back

Primary market research

Card 3

Front

Information that has already been collected for a different purpose

Back

Preview of the back of card 3

Card 4

Front

Collection of information about the market based on subjective factors such as opinions and research

Back

Preview of the back of card 4

Card 5

Front

Collection of information about the market based on numbers

Back

Preview of the back of card 5
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