Business GCSE Flashcards
the role of marketing
identify customers understand needs inform customers increase sales reducing price sell to different places sell via different methods
market research - introduction
who customers are likely to be
where they are
who your target market will be
why is market research important
identify if there is a demand
help reduce risk
improve chances of success
methods of market research
primary- collecting new information
secondary- looking at information collected by other organisations
primary research examples
questionnaires
interviews
trials
focus groups
questionnaires
advantages
cheaper then interviews
easily target particular customers
questionnaires
disadvantages
poor return rate
people may not understand questions
interviews
advantages
interviewer an explain questions if theres any misunderstandings
target customer groups easily
interviews
disadvantages
they can be expensive paying interviewer
customers may feel uncomfortable being interviewed
trials
advantages
trial of new product or service for a short time in small area to see if there is a need
trials
disadvantages
costly to set up
target area must be reflective if not money will be wasted
focus groups
advantages
carefully selected groups chosen to represent target market
data usually very accurate
focus groups
disadvantages
expensive as they are small groups
time consuming costly
secondary research examples
census
websites
internal data
newspapers and magazines
secondary information
advantages
readily available
cheaper than primary research
