different businesses that sell the same products in the same market and compete over sales
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what is market share
the proportion of total sales within the market that is controlled by the business
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what is market size
the number of individuals within the market which are potential buyers or sellers of products
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4
what are the areas a business might look at strengths and weaknesses in
price
customer service
quality
product range
location
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what does market research help to do
helps to understand a customers needs and know what the business owner needs to do in order to improve there business and get the best things out of it
help make informed decisions
reduce risks
spot a gap in the market
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what is primary research
involves getting information from customers and is you doing your own work
most forms= asking customers for there opinions
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what is secondary research
is looking at other peoples work
it allows access to a wide range of data
often used by small businesses as it is cheaper
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how can social media help market research
businesses can see what sort of products are popular or increasing in popularity
social media is also a good way of advertising and promoting your product
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what is quantitative data
is anything that you can measure or reduce to a number
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what is qualitative data
is all about how people feel and there opinions
however it can be tricky to analyse because it is hard to compare 2 peoples opinions
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what can you use market research for
to inform decisions that a business should make eg how a product sells, how much it promotes
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what is market segmentation
is when people in the market are divided into different categories, businesses can then create a marketing strategy in order to reach their target market to make sure that it is effective as possible
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what categories can a market be sectioned in to
age
income
location
lifestyle
gender
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what does mapping the market do
it helps a business to understand its location within the market and the markets key features, often done by using a diagram
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