1.1

    Cards (17)

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