The creation, development and implementation of a new product, process or service.

Where buyers and sellers interact.

An increase in demand/sales for a particular product/service.

The percentage of the total market a business has in terms of volume or value.

The total amount of sales/customers in a market measured by value/volume.

A large unsegmented market where mass appeal products are on sale.

A specialist area of the market focusing on a specific product, a smaller segment of a larger market.

Selling goods and services on the internet.

The development/creation of products not previously available.

The quantity of a good or service sold within a period of time. Calculation: Sales revenue/selling price.

The inability to predict future events and outcomes, often caused by external factors outside the business's control.

Findings that do not give a true reflection of the views of the target audience on the product or service.

Observes how consumers make decisions about how they choose and use products or services.

An organised collection of data stored electronically with instant access, searching and sorting facilities.

A research method where the interviewer communicates directly with the respondent using a questionnaire.

A group of people who participate in a discussion as part of market research to give feedback about a product or service.

Government publications that a business can use such as the census of the population.

Where the opinion of the interviewer interferes with the judgments of the interviewee.

When a business's products/services are based around the needs and wants of the customer.

A document that contains information, stats, research and facts on a chosen field.

Gathering, presenting, and analyzing information about products/customers

Dividing a whole market into particular customer groups that have similar characteristics

An identifiable group of individuals/a part of the market where consumers share one or more characteristic or need

Where market researchers watch the behavior of customers

Primary market research

Obtaining data firsthand by the business to match the specific needs of the business. Also known as field research

When a business prioritizes a product's design quality or performance rather than meeting customer preferences to guide production and marketing decisions

Market research collected relating to the opinions and beliefs of consumers. Data not presented numerically.

Quantitative research data

Numerical information gathered and can be presented and analyzed using graphs, charts, tables, etc.

When respondents respond inaccurately to a question for some reason

A small group of people who must represent a proportion of a total market when carrying out market research

Secondary market research

Data collected by another business or organization but used by the business in question. Also known as desk research.

Dividing the market into groups of people with similar attributes or common characteristics

A platform such as Facebook, X, and YouTube to market a business's products/services

A method of (primary) research used to collect information

Trialing the product in a small area or to a limited number of users to assess the suitability of a product

Specialist magazines that look at current trends in the business world

The increase in value that a business creates when producing a product/service. The difference between the price the customer pays and the total cost of inputs needed to create a product.

Competitive advantage

A feature of a business and/or its products that enable it to compete effectively with rival producers/products.

Making products or services different or distinct from competing products/creating a USP

A form of market positioning. It is the use of a 2-dimensional diagram that plots products or services in a market using two key variables. It is used to spot a gap in the market.

An effort to influence consumer perception of a brand or product, relative to the perception of competing brands or products

Product differentiation

The act of distinguishing a product/service from competitors to make it more attractive to a particular target market

Products consumed/used together, so they are purchased together

The money earned/received from work/investments

theme 1 Flashcards Flashcards

Student preview

100 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Brand

Back

A symbol, logo or design that is recognisable and distinguishes a product from competitors.

2.

FLASHCARD QUESTION

Front

Competition

Back

The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume.

3.

FLASHCARD QUESTION

Front

Competitive market

Back

When there are many rivals selling similar products.

4.

FLASHCARD QUESTION

Front

Competitor

Back

A rival business operating in the same market offering similar goods or services.

5.

FLASHCARD QUESTION

Front

Direct competition

Back

Businesses produce similar products that appeal to the same group of customers.

6.

FLASHCARD QUESTION

Front

Dynamic market

Back

A market that is subject to rapid/continuous change.

7.

FLASHCARD QUESTION

Front

Indirect competition

Back

Different businesses make or sell products that are not in direct competition but compete for the same customer experience.

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