Marketing Basics
This includes all activities related to identifying customer needs and wants.
What is marketing?
Market research focuses on what customers are doing and this.
What is what customers are willing to buy?
Data collected first-hand for a specific purpose.
What is primary research?
Research that explores motivations and opinions (not numbers)
What is qualitative research?
This method gives everyone an equal chance—“luck of the draw.”
What is simple random sampling?
Marketing is about understanding this type of market
What is the target market?
Two key things businesses learn from research: trends and these buying tendencies.
What are consumer preferences?
Data collected previously for other purposes.
What is secondary research?
An example of qualitative research involving small participant discussions.
What are focus groups?
This method selects every 10th customer.
What is systematic sampling?
Marketing aims to satisfy customers better than these business rivals.
Who are competitors?
Market research is described as this point for a successful product.
What is the starting point?
Government publications provide this type of information (census, trends).
What is demographic and economic data?
Research that measures numerical data.
What is quantitative research?
The middle value when data is ranked.
What is the median?
Marketing decisions rely on this type of information-gathering process.
What is market research?
One reason businesses need research: to reduce this when launching new products.
What is risk?
Internal company records often include these figures important for research.
What are customer sales records?
Calculated as the highest value minus the lowest.
What is the range?
The number appearing most often.
What is the mode?
What is Sampling bias
Market research helps predict future changes in this.
What is the market?
Companies like Mintel, Key Note, and Euromonitor provide these types of research reports.
What is market intelligence?
Observing customers in a store is an example of this method.
Observation
This measure is calculated using total ÷ number of items.
What is the mean?