theme 1 key terms business

    Cards (137)

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