Intro 4 Flashcards
What is tax
A financial charge made by the government on individuals consumers and businesses
What is retained profit
Profit build up over time can be used for investment
Dividends
Percentage of profit paid to share holders
What is market reasesrch ?
Gathering information on how consumers purchase goods and services
Finding out there needs and wants
If market research isn’t effective ?
It’s can’t be carried out
What is primary research ?
New data gathered by the researcher for a particular purpose
Focus group
Survey
Test marketing
Observations
Market research proces
Primary research process
Secondary research
Secondary research
Research that already exists / has been compiled
Advetising
Sales satatsitcs
Loyalty card data
Company records
What is the advantage of secondary research ?
Cheaper than primary
Large amounts of data avalible
Disadvantage of secondary research
Info may be out of date
Info not tailored to suit your needs
Advantage of primary research ?
Data is up to date
Tailored to specific issues you are intrested in
Disadvantage of primary research
Expesive
Bias in data
Example of secondary research
Records of the past
Advertising
Sales satistics
Loyalty card data
