Business Studies- Topic 3.1 Marketing

What is Market Research?

• The process of gaining information about customer, competitors and reading market trends

• The process of reviewing cash flow forecasts

• The process of researching the markets and methods of improving cash flow

• The process of looking at target audiences

What is collecting "Primary Research"?

• Information collected for a specific purpose

• Information collected second hand

• Information collected offline

• Information collected through old sales records

What are the benefits to collecting Primary Research?

• New and up to date research for a specfic topic

• Second hand data

• Data used for another purpose that you can certain use elements of

• Data found online

What is "Secondary Research"?

• Research collected that already exists

• Research that is collected through a survey

• Research that is new and up to date

• Research that hasn't been completed yet

What is Quantitative data

• Numbers,

• Opinions

What is Qualitative data

• Numbers

• Opinions

What is a "Sample Group"

• A small group selected to to take part in a survey

• A group of people used to ask people to complete a survey

• A group of people within a target audience

• A family

You can describe a market segment as

• A group of similar products

• A part of the market that contains a group of buyers with similar buying habits

• A part of the market that contains a group of buyers with different buying habits

• A list of factors linking to target audiences

What is a "Product Trial"?

• When a customer buys a product for the first time

• When a customer buys a product for the tenth time

• When a business sells goods abroad

• Designing a new product

A business uses online methods to spread a message. This is known as..

• Viral Marketing

• Data collection

• Social media

• Newspapers