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Edexcel GCSE Business (9-1) Topic 1.2
Terms in this set (17)
What is primary research?
Research collected for the first time.
What is secondary research?
What is quantitative data?
What is qualitative data?
What is a focus group?
A group discussion of a product, ad, or concept
Why is sample size important?
Larger the sample, the more representative the data.
What is sample bias?
The effect of having a sample that does not represent all segments of the population
Why might a focus group not produce representative data?
Small sample, leading questions, 'group-think'
Why might secondary data not be useful for a firm?
Could be outdated, not specific to the firm's product
What is market segmentation?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviours.
Why is market segmentation important?
Firms can meet the differing needs of groups of customers.
Give examples of ways in which a market can be segmented.
Location, demographics, lifestyle, income, age
What is a market positioning map?
A diagram that shows how a firms product compares a firms product to others on the market.
What is the purpose of a market positioning map?
Identify gaps in the market.
Firms will analyse their competitors' strengths and weaknesses in terms of what five variables?
Price, quality, location, product range and customer service
A highly competitive market will have what effect on firms' prices?
A highly competitive market will have what effect on firms' promotional activity?
Increase it e.g. more advertising
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