Studied by 1 person
what is market research
-identifying and understanding needs of customers -identifying needs of customers
aims of market research
collect imformation,which help business be more successful and spot gaps in the market
what is primary market research and examples
collecting new data and information using, surveys,questionaire,focus group, observation
what are advantages/disadvantages of market research
provides imformation,specific to business,revalent
time consuming, expensive
what is secondary research and examples
gathering existing data already made using: internet research, government reports e.g. census, market reports
what are advantages/disadvantages of secondary research
-easy to analyse, easy to get
-not specific to business, inaccurate, outdated
what is qualitative research and some disadvantages
Research which is detailed and uses open ended questions. It can be time consuming and costly to gather
what is quantitative research and some disadvantages
usually numerical data gathered using yes or no responses can be expressed in graph or chart a disadvantage is it can lack specific opinions
using social media for social media what are the benefits
cheaper and free, save times, businesses can spot latest trends, can see what customers want, can spot gap in market
what are the advantages of reliable market data
-businesses can make good decisions
-reduces risks
-less money wasted
-higher chance of business success
what are the consequences of not having reliable market data
business making unwise decisions, can cost business money, business failure
what is market segmentation
splitting businesses target markets into different groups. These groups make it easier to develop products aimed at certain people and help target the marketing
what are these group of market segmentation
location, demographics, lifestyle, income, age segmentation
what is demographic segmentation
considers characteristics of people like age,gender,race,religion, e.g. make up artist target womem
what is behaviour segmentation
how people behave in relation to purchase at different times of the year in different situations e.g. at birthdays
what is lifestyle segmentation
considering what sort of lives people in a business target market lead
what is income segmentation
considering how much people earn and there disposable income
what is market mapping
process of using graph to plot competitors products to see competitor behaviour and spot gap in the market
why is market mapping displayed as graph
to show entrepreneur where gaps in market exist
things measured on market map
quality, price, taste, budget, age of target market, gender, level of luxury
