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business revision
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Cards (17)
What is the definition of a market?
A place where
buyers
and
sellers
interact
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What are the two types of markets?
Physical markets
and
digital marketplaces
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How do you calculate total market value?
Total market value
=
Average price
× Total
quantity
sold
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What is market share?
A company's sales as a
percentage
of total sales
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What does market growth refer to?
Year-on-year
percentage
increase
in market size
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What are the primary research methods in market research?
Surveys
(online,
telephone
, in-person)
Interviews
(one-on-one or group)
Focus groups
(moderated discussions)
Observations
(direct monitoring)
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What are the secondary research sources in market research?
Government publications
Industry reports
Academic journals
Competitor annual reports
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What is the difference between qualitative and quantitative data?
Qualitative is
descriptive
; quantitative is
numerical
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What are the sampling methods in market research?
Random sampling
Stratified sampling
Quota sampling
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What is random sampling?
Every member has an
equal chance
of selection
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What is stratified sampling?
Population divided into
subgroups
before selection
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What is quota sampling?
Non-random selection based on
characteristics
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What are some limitations of market research?
Cost
, time
constraints
, and
potential
bias
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What is a Unique Selling Point (USP)?
A
feature
that sets a
product apart
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What is product differentiation?
Creating perceived or actual differences between
products
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What are positioning maps used for?
To compare products based on two
attributes
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What is competitive advantage?
Factors giving a business an edge over
rivals
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