1.2.2 - Market Research Flashcards Preview

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Flashcards in 1.2.2 - Market Research Deck (20)
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1

Viable:

able to work properly or successfully

2

Market Research:

the process of gathering information about the market and customers' needs and wants in order to help inform business decisions, including product design and marketing

3

Focus group:

a group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online

4

Target Market:

a particular group of consumers at which a business aims its products and services

5

Sample:

a portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population

6

Generation Y:

(also known as Millennials) people born shortly before 21st century, usually defined as born between 1980 and 2000

7

Data:

information, particularly statistics, that can be collected and analysed

8

Biased:

unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly

9

Ethics:

Ethics: moral principles or standards that guide the behaviour of a person or business

10

Source:

Source: a place, person or thing, such as a boo or report, hat can provide information to be used in research

11

Chamber of Commerce:

a local association that promotes the interests of businesses in a country or region

12

Trade Association:

organisations founded and funded by businesses that operate in a specific industry

13

Analysis:

the process of looking at data to identify patterns or trends

14

Incentive:

Incentive: something such as a payment or gift that encourages someone to do something

15

Valid:

Valid: having a solid or accurate basis of facts

16

Why is Market research carried out? (4 reasons)

- To identify and understnad consumer needs
-To identify gaps in the market
-To reduce risk
- To inform business decisions.

17

List Primary reserach examples

- Questionaires
-Online surveys
-Interviews
-Observations
- Focus groups
-Test marketing

18

Secondary research:

Involves the collection and analysis of information that already exists.

19

List Examples of Secondary Research

-Internet
-Government reports
-Market reports

20

Quantitative research

- Involves using numerical and quanitifable data.