Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
J837 - TA2
Market research to target a specific customer
| Term | Definition |
|---|---|
| Market Research | Research into the market, what are customers wants and needs |
| Understanding the market | Knowing who your customers are, their wants and needs, and who are your rivals? |
| Reducing Risk | A main purpose of market research to reduce the risk of making mistakes |
| Aiding decision making | A main purpose of market research to help you make decisions |
| Primary research | Gathering information yourself that has not been collected before. |
| Field Research | Alternative term for primary research |
| Focus Group | A group of people assembled to participate in a discussion about a product |
| Observations | Customers are watched to see how they behave in certain situations |
| Consumer Trials | When a product/service is made available for people to trial to gain feedback |
| Survey | Series of questions to gather feedback either on paper or through digital/online means |
| Test Marketing | Where a product or service is released on a small scale to test its popularity/success |
| Secondary research | Using research that others have already completed such as statistics |
| Desk Research | An alternative term for Secondary research |
| Competitors Data | Data about your rival businesses |
| Government publications | Documents such as the census and other statistics about the population |
| Purchased Research Material | Data purchased from specialist research companies |
| MINTEL | Award–winning provider of purchased Market Research |
| Internal data | Data already held by the company such as sales or customer information |
| Books and newspapers | Professionally written and reliable secondary source |
| Qualitative Data | Descriptive data useful for more insight and explanation e.g. opinions |
| Quantitative Data | Factual information usually in number form or percentages |
| Market Segmentation | The breaking up of a market into groups such as gender and age |
| Gender | Market segmentation based on someone's sex |
| Age | Market segmentation based on how old someone is |
| Income | Market segmentation based on how much money the customer earns |
| Lifestyle | Market segmentation based on the hobbies and interests of the customer |
| Geographic Location | Market segmentation based on where the customer lives |
| Occupation | Market segmentation based on the job that the customer has |
| Demographic | A particular sector of a population for example a certain gender, age or social grade |
| Profitability | How much profit a product or service is likely to make |
| Retention | The ability to keep customers and ensure they carry on buying |
| Market Share | the section of a market controlled by a particular business |
| Increased Market Share | A benefit of market segmentation where you will become a more popular brand |
| Retention of customers | A benefit of market segmentation where you will be more likely to retain customers |
| Targeted Marketing | A benefit of market segmentation where you can advertise more easily to customers |
| Needs of the customer | What each specific customer needs from a product or service |
Created by:
weirdog
Popular Business sets