12 Questions
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.
An advantage that enables a business to perform better than its rivals in the market.
Define demand curve.
A line drawn on a graph that shows how much of a good will be bought at different prices.
What are substitute goods?
Goods that can be bought as an alternative to others, but perform the same function.
Define E-commerce.
Conducting business transactions online.
What is a brand name?
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.
What is market share?
The proportion of total sales in a particular market for which one or more businesses or brands are responsible, expressed as a percentage.
Explain the concept of a niche market.
A smaller market, usually within a large market or industry.
What are consumer panels?
Groups of customers asked for feedback about products over a period of time.
Describe market orientation.
An approach to business that places the needs of consumers at the center of the decision-making process.
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