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Market research

QuestionAnswer
price the value in money placed on a good or service
return on investment calculation that is used to determine the relative profitability of a product.
market share a firm's percentage of the total sales volume generated by all competitors in a given market.
the break even point is the point at which sales revenue equals the costs and expenses of making and distributing a product.
demand elasticity The degree to which demand for a product is affected by its price
unit price allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound.
markup pricing resellers add a dollar amount to their cost to arrive at a price. (markup)
markdown pricing the velocity (rate of sale) of an article, typically for clearance at the end of a season, or to sell off obsolete merchandise at the end of its life.
sales price The price of a good or service that is being offered at a discount.
discount dollars Discounting is the process of determining the present value of a payment or a stream of payments that is to be received in the future.
market research involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.
marketing information center a set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions.
database marketing customer relationship management (CRM), is a process of designing, creating, and managing customer lists.
database a collection of related information about a specific topic.
qualitative research focuses on smaller numbers of people (usually fewer than 100) and tries to answer questions about "why" or "how".
quantitative research answers questions that start with "how many" or "how much"
problem definition occurs when a business clearly identifies a problem and what is needed to solve it.
primary data data obtained for the first time and used specifically for the particular problem or issue under study.
secondary data have already been collected for some purpose other than the current study. .
survey method is a research technique in which information is gathered from people through the use of surveys or questionnaires.
observation method research technique in which the actions of people are watched and recorded either by cameras or by observers.
experimental research a research technique in which a researcher observes the results of changing one or more marketing variables while keeping other variables constant under controlled conditions.
data analysis the process of compiling, analyzing, and interpreting the results of primary and secondary data collection.
reliability exists when a research technique produces nearly identical results in repeated trials.
Created by: gabby2005
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