Business terminology
The individual who uses the product.
Consumer.
Anything that affects an organization's ability to earn profits at its target levels.
Risk
Something essential for survival.
Need
Product, Price, Place, Promotion
Marketing mix
A method of data collection that aims to observe, interact and understand people while they are in a natural environment.
Field reseach
A person, company, or country that makes, grows, or supplies goods or commodities for sale.
Producer.
An excess of expenses over revenues.
Loss
the desire to own something and the ability to pay for it
Demand
Any communication that attempts to influence people to buy products or services.
Promotion.
2 examples of field research.
face-to-face interview
postal survey
focus group
hall test
telephone interview
online survey
observation
Tangible products that consumers buy to meet their needs.
Goods.
The amount by which revenues are more than expenses in a business enterprise over a given period of time.
Profit.
An improvement of an existing technological product, system, or method of doing something.
Innovation
A pricing strategy in which a firm adjusts its price to fluctuations in demand
Demand oriented Pricing.
A research method in which respondents answer a questionnaire via e-mail or on a website
Online survey.
Ability, Skills, Time and Resources that a person needs to start a business.
Capacity
2 types of risks in a business.
Financial risk
Social risk
Career risk
Business failure
4 Components of opportunity analysis:
Demand
Innovation
Feasibility
External influences
a pricing strategy in which a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time
Price skimming.
2 sources of desk research.
sales figures
newspapers
websites
government publications e.g. social trends
commercial publications
When the selling price of an item produced is higher than the cost of all the resources used to make it.
Adding value.
2 types of rewards in a business.
Creative control
Autonomy
Financial reward
Accomplishment
Social Changes – how consumers, households and communities behave.
Technological – changes in production processes and product innovation.
Economic – changes in income levels, taxes, and availability of finance.
Political & Legal – changes in government policy and laws.
The group of customers a business seeks to attract who have specific, similar needs.
Target market.
What are the total number of people selected to answer market research questions called?
Sample