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13 Cards in this Set
- Front
- Back
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What does Product Oriented Mean? |
A business whose main focus of activity is on the product itself. They produce the product first and then look for a market for it. |
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What does Market Oriented Mean? |
A business which carries out market research to find out consumer wants before the product is developed and produced. |
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What is a marketing budget? |
is a financial plan for marketing a product or a range for some specified period of time.It specifies how much money is available to market the product, so the marketing department knows how much to spend. |
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What is market research? |
is the process of gathering, analysing and interpreting information about a market. |
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What is Primary Research? |
Primary research (field research) involves gathering new and original data that has not been collected before, via direct contact with potential or existing customers. For example, surveys using questionnaires or interviews with groups of people in a focus group. |
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What is Secondary Research? |
Secondary research (desk research) involves gathering existing data that has already been produced. For example, researching the internet, newspapers and company reports. |
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What is Quantitative Information |
Factual information is called quantitative data. It answers questions about the quantity of something. |
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What is Qualitative Information |
Information collected about opinions and views is called qualitative data. |
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What is the process of primary research? |
1. What is the purpose of the market research? 2.Decide on the most suitable method. 3.Decide the size of sample needed. 4.Carry out research. 5.Collate the Data and analyse the results. 6. Produce reports for the findings. |
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What is a sample? |
is a group of people who are selected to respond to a certain kind of market research exercise, such as questionnaire. |
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What is a random sample? |
when people are selected as a random source of information for market research. |
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A quota sample |
is when people are selected on the basis of certain charecteristics,( such as age, gender or income) as a source of information. |
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A focus group. |
is a group of people who are representative of the target market. |
