2.1 The Role Of Marketing And 2.2 Market Research Flashcards
Marketing
About understanding customers and finding ways to provide products or services which customers demand
Purpose of marketing (3p)
- Identifying and understanding the need of customers
- Informing customers about products and services the business provides
- To Increase sales for the business using a number of different methods to increase sales
Types of marketing (2p)
- Direct marketing eg. Sending emails
- Mass marketing eg.using social media, adverts
Why carry out market research? (3p)
- Identify if the demand exists
- To investigate competitors
- Identity customer preference
Primary research (7p)
- questionnaire
- interviews
- trials
- focus groups
- observations
- survey
- foot count
Questionnaires
Questioning current and potential customers
Interviews
Speaking with customers 1 to 1 and recording responses
Observations
Looking at what’s happening
Survey
Simple questions, yes and no
Foot count
- how popular something is or a location
Advantage of primary research
Specific to what you want
Disadvantages of primary research (2p)
- costly
- time consuming
Secondary research (6p)
Census
Websites
Internal data
Newspapers and magazines
Books
Internet
Census
Government questionnaire
Websites
Sites online
Internal data
Company records and accounts
Quantitative data
Gives facts, numbers and statistics and includes closed questions ( yes or no answers)
Qualitative data
Examines opinions and includes open ended questions
Product trial
- a temporary offering to test the success of new products
Focus groups
- A group of consumers brought together to discuss their feelings on a product
Why are focus groups such a powerful way to conduct market research?
- They provide qualitative data and specific feedback
