mkt mgt - Marketing Management Week 2 Marketing Research...

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Marketing Management Week 2- Marketing Research Terminology Term Definition market research The collection and analysis of information useful for the identification and solution of problems and marketing opportunities respondent anonymity Participants remain anonymous in data collection: their name is not recorded alongside their responses evoked set The brands, products, and associations that come naturally to the mind when thinking within the particular sect. consumer The person or business that consumes or utilises a product or service. customer Usually a business (but sometimes a person) that purchases the product for a particular use. purchase intent A measurement of a customer’s likeliness to purchase a particular product at a given price. price elasticity The range within which a product’s price can fluctuate and yet maintain the same approximate level of purchase intent B2B “Business to Business” describes transactions that occur between businesses with one acting as the producer and the other in the role of customer. Marketing Research Fundamental tool for marketing Consumer oriented Covers marketing mix Essential links between company and consumers Behaviour (purchase and usages) Awareness (of product/brand) Prompted: Asked directly about brand recognition (IE. Have you heard of Pepsi brand?)
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