Bussiness Flashcards
Why is market research important for a business
So that time money and effort isn’t wasted on products people don’t want to buy
What are the two types of market research.
Primary research
Secondary research
Primary research is also known as field sketch
Secondary research is also known as desk research
Give me some examples of questions to ask people when carrying out the market research
Whether they’ll buy it
How often they’ll buy it
The price they’re willing to pay
The type of customers interested in buying…
What happens in a primary research
They collect information first hand .this means the business designs and collects information itself or perhaps pays a research organisation to do it.
Methods of collecting primary research information.
Surveys usually (in the form of questionnaires, interviews, )
Consumer panels groups of consumers who are regularly questioned on test products and services
Testing and observations watching consumers look at displays in shops ,asking consumers to taste theirs foods and record the analysis
Benefits of primary research.
Information is up to date
They can ask what they want this means it can find out exactly the information the information required
What is secondary research
Is research that another organisation has already completed .
Can be found in books ,magazines ,newspapers and government publications through the office for national statistics.
What is market research
How a business collects information on whether their products or services will be bought.
Advantages of secondary research
Research has already been completed by other organisations so it cheaper than primary research.
A wide range of data is readily available ,especially with the growth of the internet.
Disadvantages of secondary research
Research might not be exactly what th business wants because someone else completed the research.
Might not be up to date ,
The data might not be in a form that the business can analyse easily.only its own research (primary research)can a business be sure it is in the form they require.
What is marketing mix
A combination of different factors that a business will use to i crease its sales through marketing.
Name the 4PS in the marketing mix
Price Product Place Promotion All the 4ps must be mixed in the correct way to make sure the product or service is marketed successfully.
What is skimming
Setting the price of a new product higher because customers will pay more for latest products
What is competitor pricing
When you give a product a price depending on the competition
What is enterprise
Something that is part of the character of a particular person
