Studied by 8 people
customer needs
price, quality, choice, convenience
market research
the process of gathering information about customer needs to help inform business decisions
the purpose of market research
to identify consumer needs and wants
to understand and identify gaps in the market
to understand competitors
to reduce risk
primary research
first hand research that is carried out to find specific information from specific people
secondary research
second hand research using sources that already exists
primary research methods
surveys, questionares, observation, focus groups
primary research advantages
specific to your needs
up to date
can be cheap
primary research disadvantages
lack of expertise
time consuming
results may be limited
secondary research advantages
already exists
may be compiled by experts
quick to access
secondary research disadvantages
can be out of date
could be biased or inaccurate
not specific to you
secondary research methods
internet, market reports, government reports
qualitative data
is usually expressed as opinions
includes descriptive information
is gained using open ended questions
quantitative data
is numerical data
is gathered through closed questions
can be expressed in a graph or a chart
advantages of social media
cheap methods of advertising
quick easy to easy to set up surveys and polls
users are engaged in the comment
disadvantages of social media
can become negative
can be time-consuming to monitor
market segmentation
the process of dividing a target market into small categories by grouping together consumers with particular needs or interests
market map purpose
see all the products and services in the market
identify its competitors
spot gaps in the market
disadvantages of market maps
a gap in the market does not mean there is a demand
not guarantee of success
only uses two variables
