front 1 What are marketing objectives? | back 1 sale volume and sales value, market size, market and sales growth, market share, brand loyalty |
front 2 What is primary and secondary marketing research? | back 2 Research done by the business Research fund from other sources |
front 3 What is qualitative and quantitative research? | back 3 Not measured numerically, experiences emotions and opinions Measured numerically, measurable values, data |
front 4 What is sampling and what methods are there? | back 4 Selecting a subset of people/items from a larger population to gain information Random, Stratified, Quota |
front 5 What is random sampling? | back 5 Each member has an equal and independent chance of being in the sample |
front 6 What is stratified sampling? | back 6 A probability method that divides a population into homogeneous sub groups based on characteristics and then select from each subgroup |
front 7 What is quota sampling? | back 7 Non-probability sampling method that involves selecting participants based on their characteristics to ensure that certain segments are represented |
front 8 What does positive and negative correlation? | back 8 As one variable increases, the other variable also increases As one variable increases, the other variable decreases |
front 9 What are confidence intervals? | back 9 They offer a way to estimate an unknown population value based on sample data by providing both a lower and an upper bound within which the parameter is expected to lie |
front 10 What influences the width of confidence intervals? | back 10 The sample size (larger samples mean narrower intervals) The variability in the population The confidence level selected (higher confidence leads to wider intervals) |
front 11 What is extrapolation? | back 11 Its making predictions or statements beyond the range of observed data, using a model or trend taken from that data |
front 12 What is income elasticity? | back 12 It measures how sensitive the quantity demanded of a good is to changes in consumer income |
front 13 What is price elasticity? | back 13 The margin of price increases or decreases that may come from external factors like inflation, local income changes etc. |
front 14 How can price elasticity impact revenue? | back 14 By influencing how demand responds to price changes |
front 15 What are the 3 types of demand from price elasticity and what do they mean? | back 15 When price increases... Elastic (|E| > 1) larger decreases in quantity demand = higher revenue from fewer units sold Inelastic (|E| < 1) smaller decrease in quantity demand = increase revenue by raising prices Unitary elastic (|E| = 1) price changes proportionally with price changes |
front 16 What are the 3 types of demand from income elasticity and what does it suggest? | back 16 Positive YED - Demand increases with income = good is luxury Negative YED - Demand decreases with incomes = good is inferior Unitary YED - Demand unresponsive to income = good is necessity |