Marketing Concepts

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Product orientated business

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A business whose main focus of activity is on the product itself.

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Market orientated business

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A business that carries out market research to find out consumer wants before a product is developed and produced.

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Marketing budget

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A financial plan for the marketing of a product or product range for a specified period of time, specifying how much money is available for marketing.

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Market research

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The process of gathering, analyzing, and interpreting information about a market.

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Primary research

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The collection and collation of original data via direct contact with potential or existing customers. Also called field research.

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Secondary research

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Information that has already been collected and is available for use by others. Also called desk research.

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Questionnaire

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A set of questions to be answered as a means of collecting data for market research.

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Sample

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The group of people selected to respond to a market research exercise, such as a questionnaire.

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Random sample

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When people are selected at random as a source of information for market research.

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Quota sample

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When people are selected based on certain characteristics (such as age, gender, or income) as a source of information for market research.