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theme 1 key terms business
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Cards (137)
What is market research?
Gathering, presenting, and
analysing
information
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What is market segmentation?
Dividing a market into
customer groups
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What are market segments?
An identifiable group of
consumers
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What do observations in market research involve?
Watching
customer behavior
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What is primary market research?
Data obtained
first-hand
by the business
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What is product orientation?
Prioritizing product design over
customer preferences
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What is qualitative research?
Data related to
opinions
and beliefs
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What is quantitative research data?
Numerical information that can be
analyzed
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What is respondent bias?
Inaccurate responses from
participants
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What is a sample in market research?
A small group representing a
total market
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What is secondary market research?
Data collected by another
organization
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What does segmentation involve?
Dividing the
market
into similar groups
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What is social networking in marketing?
Using platforms like
Facebook
and
YouTube
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What is a survey in market research?
A
method
to
collect
information
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What is test marketing?
Trialing a
product
in a small area
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What are trade publications?
Specialist
magazines
on business trends
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What is added value?
The increase in value from
production
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What is competitive advantage?
A feature enabling
effective
competition
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What is differentiation in marketing?
Making
products
distinct
from
competitors
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What is market mapping?
A diagram plotting products using
variables
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What is market positioning?
Influencing
consumer perception
of a brand
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What is product differentiation?
Distinguishing a product to
attract
a market
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What are complementary goods?
Products
consumed
together and
purchased
together
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What is consumer income?
Money earned from work or
investments
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What is demand?
Quantity
consumers are willing to buy
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What are demographics?
The structure of the
population
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What are external shocks?
Factors beyond a
business's
control
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What is seasonality?
Demand changes at
specific
times of year
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What are substitutes?
Goods bought as
alternatives
to others
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What is a brand?
A
symbol
or design that distinguishes products
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What is competition in business?
Rivalry among sellers for
market
goals
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What is a competitive market?
Many
rivals
selling similar products
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What is a competitor?
A
rival
business in the same
market
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What is direct competition?
Businesses producing similar
products
for the same customers
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What is a dynamic market?
A market subject to
rapid change
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What is indirect competition?
Different businesses competing for the same
customer experience
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What is innovation?
The creation and implementation of new
products
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What is a market?
Where
buyers
and
sellers
interact
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What is market growth?
An
increase
in demand for a product
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What is market share?
The
percentage
of the total market a business has
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See all 137 cards
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