Studied by 2 people
What are the four customer needs?
price, quality, choice, convenience
What are two benefits of meeting customer needs?
Helps a business generate more sales, helps business survival
What is the purpose of market research?
To identify and understand customer needs
To identify gaps in the market
To reduce risk
To inform business decisions
What are the four methods of primary research?
survey, questionnaire, focus group, observation
What are the three methods of secondary research?
internet, market reports, government reports
The role of social media in collecting market research
Deepens understanding of the market
Identifies popular trends
Improves their products and marketing
Saves time conducting research
The importance of reliability of market research data
Inaccurate data can lead to businesses making the wrong decisions.
Mistakes are usually traced back to the validity of the market research and the reliability of the data.
What are the five main market segments?
Location, demographics, lifestyle, income, age
What are the five key competitor strengths and weaknesses?
Price, quality, location, product range, customer service
Impacts of competition on decision making
Affects price
Forces business to reduce costs
Forces businesses to innovate
