2 Role of marketing Flashcards
what is marketing about
finding out what customers need and showing how business fulfills that need
what is the objective
to increase sales
how is the objective of increasing sales met (2)
identifying and understanding cutomers
informing customers
increasing sales
what is market research
collecting data about customers habits to help make decisions about marketing
why do you need to understand customers
to understand who to market to eg male or female, age group
how are customers views collected
market research
how do businesses inform customers and what do they need to consider
advertising via radio tv social media need to think about the cost of this
leaflets cheaper better for more local businesses
how do businesses increase sales (6)
advertising to raise awareness introduce a new model to appeal to more customers increase range of products reduce price sell in a different place sell by a different method
what is a target market
who the product is marketed at
why is it important to understand target market
help businesses to aim products at different groups
why is market research important
helps business be if there is demand for their product
what are the 2 categories of market research
primary and secondary research
what is primary research
field research that collects new information
what is secondary research
desk research that collects information already collected by an organisation
list methods of primary research (4)
questionnaire, interview, trials and focus groups
how do questionnaires get to the public
post or online
what are the advantages of questionnaire
cheap easy to target a particular group
what are the disadvantages of questionnaire
difficult to predict how many will be completed and public may not understand the questions
how are interviews conducted
customers asked questions and the interviewer fills in the answers - can be over the phone
what are the advantages of inteview
interviewer can explain questions and easily target customers
what are the disadvantages of interview
expensive, customers feel uncomfortable if stopped
what are trials
product sold for a short amount of time to see if customers like it
what are the advantages of trials
save money if not liked
what are the disadvantages of trials
costly
what is census data
every person gives personal info every 10 years
how might a census be useful
for future planning for a business identify how many people will be in the target in years to come eg nightclub
what is internal data
business has own data on past sales and profits
how do news papers and magazines help with market reseach
they are full of information on trends and fashions
what is a focus groups
a small group carefully selected to represent the target market
what are the advantages of target group
data is usually accurate
what are the disadvantages of target group
expensive
list types of secondary data
census data, websites, internal data, newspapers magazines
what are the advantages of secondary data
it has already been collected so cheaper than primary
what are the disadvantages of secondary data
might not be the exact information needed might not be up to date or in a form easy to analyse
what is qualative data
collected when opinions are needed
what is quantitive data
related to facts and numbers
