Purpose of researching information

What is information required for?

Required to develop the purpose of the marketing campaign.

The information collected is known as market intelligence.

What is the most popular way to gain information?

Through market research.

This involves gathering and analysing information about the market and consumption of goods and services in it.

What sorts of information can you find?

• Target market.

• Competition.

• Market size and structure.

What is the target market?

A group of consumers who a product or service is aimed at.

What can information identify about the target market?

Can identify their characteristics e.g. gender, age, income, lifestyle, interests and geographical reach.

What does a business need to launch a successful marketing campaign?

A business needs to be sure they are aiming it at the right people.

What is the market size?

The total value or volume of sales in the market.

Measured in money (value) or amount sold (volume).

What does knowing the market size help identify?

Helps identify the feasibility of a product as well as the necessary reach of the marketing activities.

e.g. mass or niche markets.

What will market size influence?

The methods of marketing used as well as the budget.

What can market intelligence help to clarify?

If the target market is a mass or niche group.

What is competition?

Other businesses that operate in the same or a similar market.

Why is it important to understand actions of competitors?

Can help a business maintain a competitive advantage.

What will businesses want to be in marketing?

Proactive rather than reactive.

What can market information assess?

Threats from competitors.

If a business is small, what marketing methods are best suited?

Cost-effective methods.

Social media, networking and traditional methods like flyers, posters and cold calling.

What marketing methods may be used by large businesses?

Mass media advertising with economies of scale in production and distribution.

Digital ads targeted.