2.s.-anj-1.business

• Market research


  The activity of collecting and studying information about what people want, need and buy
• Qualitative market research


  • Involves individuals or small groups of people (called 'focus groups') being interviewed to find out their beliefs, values and opinions
• Our emphasis was much more on qualitative research than statistical analysis
• Primary data


  Information that is collected at first-hand, for example in any primary data or focus group
• Focus group


  A specially selected group of people who are intended to represent the general public, having discussions in which their opinions are recorded as a form of market research
• Our research findings are based on four focus groups, each of up to eight people
• Quantitative market research


  Involves large groups of people giving information (for example through questionnaires) in order to create statistics
• The survey was set up to record masses of quantitative data, as well as qualitative data in the form of written comments
• Secondary data


  Information about a subject that has already been written or published
• Sources of secondary data

  Can be internal, such as sales records or customer feedback forms
• Desk research


  Research that is done in a theoretical way, by reading what has already been written about a subject
• Field research


  Research that is done in a real, natural environment, for example by interviewing people, rather than in a theoretical way
• Product-led


  A company that aims to develop new products and then create a market for them
• Customer-led


  A company that develops new products based on market research, which tells them what customers want
• Reverse engineering


  A process in which a product or system is analysed in order to see how it works, so that a similar version can be produced more cheaply
• Customize


  To change the appearance or features of something to suit your tastes or needs
• Market sector


  One part of a market, consisting of related products or services
• Next-generation approach


  The way that you deal with or think about a task, problem or situation
• CAD


  The use of computer software in the design of things such as cars, buildings and machines
• R&D


  The part of a company's activity that is concerned with applying the results of scientific research to develop new products and improve existing ones
• Market test


  If a company carries out a market test, it asks a group of people to try a new product or service and give their opinions on it
• Suitable


  Right or acceptable for a particular purpose or occasion
• Test market


  A geographical area or a group of people that tries a new product or service so that its qualities can be evaluated
• Pilot


  A scheme or project which is used to test an idea before deciding whether to introduce it on a larger scale
• Launch


  If a company launches a new product, it makes it available to the public
• Modify


  To change something slightly, usually in order to improve it
• Invention


  A machine, device or system that has been invented by someone
• Patent


  An official right to be the only person or company allowed to make or sell a new product for a certain period of time
• Under licence


  To do something by special permission from a government or other authority
• Copyright


  If someone has copyright on something, it is illegal to reproduce or distribute it without their permission
• Piracy


  The illegal copying of things such as DVDs, downloads or computer programs
• Intellectual property rights


  If someone has the intellectual property rights to an idea or invention, they are legally allowed to develop the idea or invention, and nobody else can do so without their permission