Business Questions

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Questions and Answers

What is market research?

The collection, presentation, and analysis of information relating to the marketing and consumption of goods and services.

Define market segment.

A part of a whole market where a particular customer group has similar characteristics.

What is primary research or field research?

The gathering of 'new' information which does not already exist.

Explain competitive advantage.

<p>An advantage that enables a business to perform better than its rivals in the market.</p> Signup and view all the answers

Define demand curve.

<p>A line drawn on a graph that shows how much of a good will be bought at different prices.</p> Signup and view all the answers

What are substitute goods?

<p>Goods that can be bought as an alternative to others, but perform the same function.</p> Signup and view all the answers

Define E-commerce.

<p>Conducting business transactions online.</p> Signup and view all the answers

What is a brand name?

<p>A name, term, sign, symbol, design, or any other feature that allows consumers to identify the goods and services of a business and differentiate them from competitors.</p> Signup and view all the answers

What is market share?

<p>The proportion of total sales in a particular market for which one or more businesses or brands are responsible, expressed as a percentage.</p> Signup and view all the answers

Explain the concept of a niche market.

<p>A smaller market, usually within a large market or industry.</p> Signup and view all the answers

What are consumer panels?

<p>Groups of customers asked for feedback about products over a period of time.</p> Signup and view all the answers

Describe market orientation.

<p>An approach to business that places the needs of consumers at the center of the decision-making process.</p> Signup and view all the answers

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