Definitions 1
Main focus is on the product itself
Product-oriented
The collection and processing of original data via potential and existing customers
Primary Research
The percentage of total market sales held by one brand or business
Market Share
Why do businesses need to sample for market research?
It would be too expensive and time-consuming to try and ask everyone for their opinion
What is the name of the new Avatar movie?
Avatar: The Way of Water
The process of gathering, analysing, and interpreting information about the market
Market Research
When people are selected based on characteristics (age, gender) as source of information
Quota Sample
When existing customers keeps buying products from the same business
Customer Loyalty
Name three methods to collect primary research
Interviews
Focus groups
Surveys
Questionnaires
How many planets are there in the Solar System?
8
Carries out market research first to find out what customer wants before product is developed and produced
Market-oriented
The group of people selected to respond to market research exercise
Sample
Identifying customer wants and satisfying the wants to make a profit
Marketing
What is the difference between a random sample and a quota sample?
A quota sample is where people are chosen based on certain characteristics, whereas a random sample sees people chosen at random
Who was the highest-paid athlete in 2022?
Lionel Messi
Group of people that are representative of the target market
Focus Group
The collection and processing of information already collected by others
Secondary Research
Small, usually specialized, segment of a much larger market
Niche Market
Name two limitations of primary research
It is expensive
It takes time to collect the data
Which singer's real name is Robyn Fenty?
Rihanna
The financial plan for marketing a product for a specific period of time
Marketing Budget
When the receiver gives a response to the message and there is a discussion
Two-Way Communication
An identifiable sub-group of whole market where customers have similar characteristics or preferences
Market Segment
Name two disadvantages of secondary data
It may be out-of-date
Data may not be totally relevant
All businesses have access to the data, so it is not a competitive advantage
Which NBA team plays its home games at Madison Square Garden?
New York Knicks