ib ch12
Terms
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- logistics
- management of the physical flow of products from the point of origin as raw materials to end users as finished products.
- income elasticity
- sensitivity of demand for a product relative to changes in income.
- market research
- collection and analysis of information used to assist managers in making informed decisions.
- secondary market research
- process of obtaining information that already exists within the company or that can be obtained from outside sources.
- primary market research
- process of collecting and analyzing original data and applying the results to current research needs.
- trade show
- exhibition at which members of an industry or group of industries showcase their latest products, study activities of rivals, and examine recent trends and opportunities.
- trade mission
- itnernational trip by government officials and business people that is organized by agencies of national or provincial governments for the purpose of exploring international business opportunities.
- focus group
- unstructured but in-depth interview of a small group of individuals (8-12 people) by a moderator to learn the groups attitudes about a company or its product.
- consumer panel
- research in which people record in personal diaries, information on their attitudes, behaviours, or purchasing habits.
- environmental scanning
- ongoing process of gatehring, analyzing, and dispensing information for tactical or strategic purposes.