Understanding markets and customers key terms

Market research and sampling

Market research and sampling is a Business concept used to analyse Compare the value of primary and secondary marketing research using qualitative and quantitative data.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.

value

value should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.

primary

primary affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.

Market research and sampling

Market research and sampling is a Business concept used to analyse Explain the value and limitations of random, stratified and quota sampling methods.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.

sampling

sampling should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.

random

random affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.

Marketing data interpretation

Marketing data interpretation is a Business concept used to analyse Interpret marketing data including positive and negative correlation, strength of relationship, confidence intervals and extrapolation.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.

marketing data

marketing data should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.

correlation

correlation affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.

business change

business change is a Business concept used to analyse Interpret price and income elasticity of demand data and analyse the impact of price and income changes on revenue.. A strong answer defines it, applies it to a named business context and explains the commercial consequence.

Marketing data interpretation

Marketing data interpretation should be judged by linking it to objectives such as profit, survival, growth, competitiveness, efficiency or customer satisfaction.

elasticity

elasticity affects stakeholders differently, so analysis should consider owners, managers, employees, customers, suppliers or investors before reaching a judgement.