Market Research
This involves the gathering of new market data and information, because these do not currently exist.
What is primary market research?
The role that a business's employees have in delivering a service.
What is customer service?
An approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers.
What is product orientation?
This describes the process of dividing a market for a product into smaller or distinct groups of customers in an effort to meet their specific desired needs and wants.
What is market segmentation?
This means a business, product, or brand has a distinctive factor that makes it one-of-a-kind and stand out in a positive way from the competition.
What is a Unique Selling Point/Position (USP)?
This involves the collection of market data and information that have already been collected by another source.
What is secondary market research?
This is the fastest-growing segment of market promotion?
What is social media promotion?
This can be defined as the total number of individual customers or the total value of sales revenue in a certain market.
What is market size?
A specific marketing strategy or marketing approach that focuses on identifying and meeting the needs and wants of a small market segment.
The people or organizations used to help in the distribution of goods or services
What are intermediaries?
This type of market research would include customer survey or looking over customer reviews and is based on the opinions, perceptions, or views of research participants.
What is qualitative market research?
This refers to marketing activities which the organization has direct control over. It is aimed directly at a targeted audience instead of a general audience and examples can include mailed-out brochures, publicity events, and official social media account posts.
What is a below-the-line promotion?
The firm with the largest market share in the industry.
What is market leader?
This refers to the process by which firms attempt to make their goods and services different from those provided by other firms in the market in order to increase their own sales revenue
What is product differentiation?
This method of distribution is often the case when agents are used to sell products in overseas markets.
What is Three-channel distribution?
This type of market research based on gathering numerical data and figures such as looking at profit margin growth of direct competitors over a 5-year period.
What is quantitative market research?
This occurs when firms are able to charge different prices for essentially the same good or service because of differences in price elasticity of demand (PED), such as airline tickets during peak season.
What is dynamic, or surge, pricing?
This is calculated by market size in new period minus market size in old period, divided by market size in old period, multiplied by 100.
What is market growth?
This is a graphical illustration of customer perception of a business, its products or brands in comparison to other firms in the industry.
What is a product positioning map?
A usual disadvantage of overseas production; these raise the costs of overseas products and hence the price of the product.
What are tariffs?
What are disadvantages to secondary market research?
The process of rival businesses competing by continually reducing prices so as to threaten the competitiveness of rivals in the market.
What are price wars?
This doesn't take into account new trends, market disruptors, economic shocks, or any internal or external business factors.
What are the limitations to sales forecasting?
This type of target marketing splits the market according to people’s lifestyle choices and personal values.
What is psychographic segmentation, or psychographic target marketing.
Value-added services, such as complimentary car parking and operational support or customer services, such as refunds/returns policy, systems for dealing with customer complaints are part of this marketing mix.