biz locaitons+market research+market mapping+4 ps Flashcards
what does biz locations depend on
- premises - virtual/ in real
- business costs - hopefully reduced
-target audience
stake holder
share holder
stake holder - anyone who has an interest in organisation or may be affected by its activities
share holder - owner of a limited company
dividends
a payment a company can make to shareholders if it has made a profit
what is point of market research
- identify and understand customer needs
-reduce bzi risks
-informed biz decisions
-identify gaps in market
benefits of market research
- biz can charge higher price
- biz has usp
increased price
primary research
info noone has collected before. data that is original
secondry
gathering infor already existing ( also known as desk research)
quantitive data
advantages /
disadvantages
numbers
1)easy to analyse
more objective
can collect quick
2)no details
qualitive
advantages
disadvantages
opinions
1)more detailed
2)time comsuming
expense
difficult to analyse
market mapping
1
1)benefits
illistraes range of positions that a[roduct can take in a market, based on 2 dimensions
1)spot market gaps
2)see how market change over time
product
who is product aimed at?
usp?
price
set acc to what target market can pay
place
biz locaiton- must b e convinient to distribution channels
promnotion
methods of biz to create interest in products
