Nature of Marketing
This refers to the quantity of a product consumers are willing and able to buy at a given price.
What is demand?
A market that consists of businesses buying goods for production or resale.
What is an industrial market?
Research that collects new data directly from consumers through surveys or interviews.
What is primary research?
The average value calculated by adding all numbers and dividing by the total.
What is the arithmetic mean?
These goals guide how marketing activities help the business achieve its wider corporate objectives.
What are marketing objectives?
The point where supply and demand meet to set the market price.
What is equilibrium price?
Dividing the market based on factors like lifestyle, personality, and values.
What is psychographic segmentation?
Data gathered from existing sources such as reports, past studies, or the internet.
What is secondary research?
The middle number when data is arranged from lowest to highest.
What is the median?
A type of market made up of individual customers buying goods for personal use.
What is a consumer market?
This measures the portion of total sales a business holds within a market.
What is market share?
A small, specialized segment of the market targeting a specific consumer group.
What is niche marketing?
Research that focuses on opinions, motivations, and feelings.
What is qualitative research?
The most frequently occurring value in a data set.
What is the mode?
This occurs when a business focuses on what customers want rather than what the business wants to produce.
What is market orientation?
This type of competitor sells a similar product to the same target customer group.
What is a direct competitor?
A large, broad consumer group targeted with one product.
What is mass marketing?
A small part of the population chosen to represent the whole.
What is a sample?
A simple measure of spread showing the difference between the highest and lowest values.
What is the range?
A group of people with similar characteristics such as age, income, or lifestyle used to divide the market.
What is a market segment?
The strategy of selling a specific feature that makes a product stand out in the marketplace.
What is a unique selling point?
The size of the total number of sales in a market over a year.
What is market size?
Errors that occur when the selected group does not accurately represent the population.
What is sampling bias?
Organizing raw data into categories to make it easier to analyze.
What is coding?