theme 1 definitions

    Cards (231)

    • 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 rapid/continuous change
    • Indirect competition

      Different businesses make or sell products that are not in direct competition but compete for the same customer experience e.g. Netflix and the local cinema
    • Innovation
      The creation, development and implementation of a new product, process or service
    • Innovation
      Putting new ideas/designs into action
    • 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 specialised section of the market where customers have specific needs/wants
    • 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/creation of products not previously available
    • Sales volume

      The quantity of a good or service sold within a period of time. Calculation Sales revenue/selling price
    • Uncertainty
      The inability to predict/a lack of knowledge about future events and outcomes/reasons for uncertainty. Is caused by unexpected often external factors outside the business's control, even though sometimes these can be predictable
    • 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 a 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 and 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 market research

      Obtaining data first hand by the business to match the specific needs of the business. It can also be known as field research
    • Product orientation
      When a business prioritises a product's design quality or performance rather than meeting customer preferences to guide production and marketing decisions
    • Qualitative research
      Market research collected relating to the opinions and beliefs of consumers . Data not presented numerically
    • Quantitative research data

      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 market research

      Data collected by another business or organisation but used by the business in question. Also known as desk research
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