Chapter 11

• Market Research: the process of collecting, recording and analysing data about the customers, competitors and the market for a product.
• Unique selling point: the special feature of a product that sets it apart from competitors products.
• Market-orientated: Products are developed based on consumer demand as identified by market research.
• Product-orientated: The firm decides what product to produce and then tries to find buyers for the product.
• Primary research: the collection of first-hand data for the specific needs of the firm.
• Secondary research: the collection of data from second-hand sources.
• Quantitative data: the collection of numerical data that can be analysed using statistical techniques.
• Qualitative data: the collection of information about consumers' buying behaviours and their opinions about products.
• Sample: a representative sample of the target market selected to take part in market research.