Key terms

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Cards (206)

Brand  
a symbol, logo or design that is recognisable and distinguishes a product from competitors
Competition  
the rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume
Competitive market  
when there are many rivals selling similar products
competitor  
a rival business operating in the same market offering similar goods or services
Direct competition  
businesses produce similar products that appeal to the same group of customers
Dynamic market  
a market that is subject to continuous change
Indirect competition  
different businesses make or sell products that are not in direct competition but compete for the same customer experience
Innovation  
creating a new idea/product/process and turning it into a marketable/sellable product/service
Market  
where buyers and sellers interact
market growth  
an increase in demand/sales for a particular product/service
market share  
the % of the total market a business has in terms of volume or value
market size  
the total amount of sales/customers in a market measured by value/volume
mass market  
a large unsegmented market where mass appeal products are on sale
niche market  
a small section of a market with distinctive specialised requirements
online retailing  
selling goods and services on the internet
product innovation  
the development of products not previously available
Sale volume  
the quantity of a good or service sold within a period of time
uncertainty  
the inability to predict about future events and outcomes for uncertainty.
Biased questions  
where the questions do not produce findings that give a true reflection of the views of the target audience on the product or service
consumer behaviour  
how consumers make decisions about how they choose and use products or services
databases  
an organised collection of data stored electronically with instant access, searching and sorting facilities
face-to-face survey  
a research method used where the interviewer communicates directly with the respondent using a questionnaire
focus group  
a group of people who participate in a discussion as part of market research to give feedback about a product or service
government data  
government publications that business can use such as the census of the population
interview bias  
where the opinion of the interviewer interferes with the judgements of the interviewee
market orientation  
when a business's products/services are based around the needs and wants of the customer
market reports  
a document that contains information, stats, research ad facts on a chosen field
market research  
gathering, presenting and analysing information about products/customers
market segmentation  
dividing a whole market into particular customer groups that have similar characteristics
market segments  
an identifiable group of individuals/a part of the market where consumers share one or more characteristic or need
observations  
where market researchers watch the behaviour of customers
primary research  
obtaining data first hand by the business to match the specific needs of the business
product orientation  
when a business prioritises a porudct's design quality or performance rather than meeting customer preferences to guide production and marketing decisions
qualitative research  
market research collected relating to the options and beliefs of consumers
quantitative research  
numerical information gathered and can be presented and analysed using graphs, charts, table etc
respondent bias  
when respondents respond inaccurately to a question for some reason
sample  
a small group of people who must represent a proportion of a total market when carrying out market research
secondary research  
data collected by another business or organisation but used by the business in question
segmentation  
dividing the market into groups of people with similar attributes or common characteristics
social networking  
a platform such as Facebook, which can be used to market a businesses products/services