Unit 3 keywords

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  • Created by: Tina
  • Created on: 12-05-13 10:11
Questionnaire
A list of questions to be answered by respondents, designed to give information about consumers' tastes.
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Primary Data
Information that has been gathered for a specific purpose through direct investigation, surveys and experiments.
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Qualitative Data
Data about opinions, judgements and attitudes.
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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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Sample
A small group of the total population which is selected to take part in a survey
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Respondents
Those who provide data for a survey usually by asking 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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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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Marketing
The management process that is responsible for anticipating, identifying and satisfying customer needs profitably.
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Survey
Research involving asking questions of people or organisations.
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Quantitative Data
Data that can be expressed as numbers and can be statiscally analysed.
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Viral Marketing
Getting individuals to spread a message about a product through their social network like Facebook or their group of friends.
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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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Wholesalers
Businesses which buy in bulk from a manufacturer or other supplier and then sell stock on in smaller quantities to consumers.
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Public Relations
Promotion of a positive image about a product or business through giving information about the product the general public, other business or the press.
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Marketing Mix
A combination of factors which help a business to take into an account customer needs when selling a product, usually summarised as the 4 Ps (product, price, promotion and place.)
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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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Trade Buyers
Buyers of goods which then sell those goods on to consumers or other buyers; they include supermarket chains and wholesalers.
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Retailers
Businesses which specialise in selling goods in small quantities to consumers.
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Customer Loyalty
The willingness of buyers to make repeated purchases of a product or from a business.
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Repeat Purchase
When a customer buys a product more than once.
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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 Life Cycle
The stages through which a product passes from tis development to being withdrawn from sale; the pahses are research and development, launching the product, growth, maturity, saturation and decline.
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Premium Pricing
A price which is above the average for products of a particular type.
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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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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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Research and Development
The process of scientific and technical research and then development of the findings of that research before a product is launched.
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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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Generic Products
A product made by a number of different businesses in which customers see very little or no difference between the prduct 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 maufacturer.
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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 the market; a product is placed in one of four categories-star, cash cow, prblem child or dog.
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Other cards in this set

Card 2

Front

Information that has been gathered for a specific purpose through direct investigation, surveys and experiments.

Back

Primary Data

Card 3

Front

Data about opinions, judgements and attitudes.

Back

Preview of the back of card 3

Card 4

Front

The process of gaining information about customers, competitors and market trends through collecting primary and secondary data.

Back

Preview of the back of card 4

Card 5

Front

A small group of the total population which is selected to take part in a survey

Back

Preview of the back of card 5
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