Business - autumn 2 - LS2 Flashcards
examples of customer needs
convenience
price
quality
choice
what is qualitative data?
data based on opinions of those being asked
what is quantitative data?
data based on facts or numbers
advantages of social media
quick to see reactions
free tools
engagements through comments
comments can be followed up on
disadvantages of market research and social media
viral comments
harder to engage with target market
staff training
time consuming to monitor
advantages of market research
relevant as collected for the purpose
up to date and accurate
competitors don’t have it so an advantage over them
disadvantage of market research
time consuming
expensive
must cover a wide sample to be of use
advantages of secondary market research
cheaper (sometimes free)
less time consuming
covers a bigger sample
disadvantages of secondary market research
all businesses have access to it
can be out of date
not specifically for you business / for your purpose
what are some examples of primary research
observations
questionnaires
surveys
focus groups
what are some examples of secondary research
internal data
books / newspapers
competitors data
purchased research material
what is a market map
measuring were existing brands sit on a two factor grid (e.g price and quality)
types of market segregation
age
demographic
lifestyle
geographical location
income
occupation
benefits of market segregation
customers needs are matched
increased profit
customer retention
target marketing
increased market share
benefits of a market map
identifies key features of competitors
helps make decisions about future products
identifies gaps in the market
