What are marketing objectives?

sale volume and sales value, market size, market and sales growth, market share, brand loyalty

What is primary and secondary marketing research?

Research done by the business

Research fund from other sources

What is qualitative and quantitative research?

Not measured numerically, experiences emotions and opinions

Measured numerically, measurable values, data

What is sampling and what methods are there?

Selecting a subset of people/items from a larger population to gain information

Random, Stratified, Quota

What is random sampling?

Each member has an equal and independent chance of being in the sample

What is stratified sampling?

A probability method that divides a population into homogeneous sub groups based on characteristics and then select from each subgroup

What is quota sampling?

Non-probability sampling method that involves selecting participants based on their characteristics to ensure that certain segments are represented

What does positive and negative correlation?

As one variable increases, the other variable also increases

As one variable increases, the other variable decreases

What are confidence intervals?

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

What influences the width of confidence intervals?

The sample size (larger samples mean narrower intervals)

The variability in the population

The confidence level selected (higher confidence leads to wider intervals)

What is extrapolation?

Its making predictions or statements beyond the range of observed data, using a model or trend taken from that data

What is income elasticity?

It measures how sensitive the quantity demanded of a good is to changes in consumer income

What is price elasticity?

The margin of price increases or decreases that may come from external factors like inflation, local income changes etc.

How can price elasticity impact revenue?

By influencing how demand responds to price changes

What are the 3 types of demand from price elasticity and what do they mean?

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

What are the 3 types of demand from income elasticity and what does it suggest?

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