AP®︎ Business with Personal Finance: Topic 2.3 Flashcards
Master key terms and definitions for Topic 2.3 of AP Business with Personal Finance – Market Research to help you prep for quizzes and the AP exam.
Market Research
The process of collecting detailed information about markets, products, and customer behavior to guide marketing decisions
The process of collecting detailed information about markets, products, and customer behavior to guide marketing decisions
Numerical data that can be measured and analyzed, often answering how many, how much, or how often
Descriptive, non-numerical data recorded in words or images, often answering why or how
The extent to which a product creates customer value by achieving problem-solution fit
A product meaningfully addresses a problem, need, or want experienced by its intended customer
The business can produce and provide the product within its available resources, technology, expertise, and time
The product has the potential to be profitable in its market
The portion of total market sales accounted for by a business or product, measured consistently by revenue, units, or customers
Gathering and interpreting quantitative or qualitative information already collected and published by external sources
The total scale of a defined market, measured in sales dollars or total customers for a specified place, group, category, and time
Research a business conducts to collect new, first-hand evidence for its particular question or hypothesis
A specific, testable assumption about a customer, product, or market
A standardized set of questions given to a sample, usually to collect a large amount of quantitative data reflecting a population's views
A guided discussion with a small number of selected participants used to collect in-depth qualitative evidence
An in-depth conversation between a researcher and one participant used to collect detailed qualitative evidence
A research method that changes a condition and measures the resulting behavior, ideally while holding other important conditions constant
Watching and recording customer behavior in a natural environment without deliberately changing conditions
An experiment that compares authentic customer responses to two viable alternatives that differ in the feature being tested
The full group about which a business wants to draw a conclusion
The smaller group from which data is collected; it should be sufficiently large and appropriately populated to reflect the population
Data distorted by a biased sample, question, procedure, or interpretation so it does not accurately reflect what is being studied
A question using neutral phrasing that does not lead respondents toward a favored answer or assume a view they may not hold
The 1985 sweeter Coca-Cola reformulation favored in blind sip tests but rejected after replacing the original, showing that extensive research can test the wrong decision or miss brand attachment
A visual display of data used to identify and communicate patterns, trends, and insights
A chart using separate rectangular bars to compare individual data points or categories
A chart whose bars compare totals while sections within each bar show the subcategories composing those totals
A graph connecting data points in chronological order to show the direction and pace of a trend over time
A circular chart showing mutually exclusive parts of a whole, with all slices totaling 100 percent
