deck_3010816 Flashcards
Why might a business conduct market research?
To find out what products customers like, what price they’re willing to pay and their current buying habits.
Examples of primary/field research?
Questionnaires, telephone surveys, customer/supplier feedback, Internet research and focus groups.
What is secondary/desk research? Ad & disad?
Using other peoples’ research. Cheaper than primary research and has a wide range of data. Not always relevant to your needs and can be out of date.
What do the 4 p’s in the Marketing Mix stand for?
Price, place, promotion, product
What happens to demand when price increases?
As the price increases the quantity demanded will fall.
How could a small business alter their products to meet customers needs?
Sell it at a price the target market is willing to pay. Change it to a location where customers are likely to go.
What are advertising methods suitable for a small business?
Local radio.Local newspapers.Magazines.Posters & billboards. Leaflets, business cards.
Why is e-commerce a good place to sell, for a small business?
It allows small businesses to promote and sell their products nationwide, easy access to international markets.
Examples of secondary/desk research?
Newspapers, company reports, other data collected by other people (like questionnaires or surveys), company reports
What is primary/field research? Advantages & disadvantages?
When you go out and gather new information yourself. Ad: Its up to date, relevant to the business, results are confidential (no other businesses will have access to it), Disad: It is time consuming, can be quite expensive.
