market research Flashcards
market orientation
the consumer is the most important factor when providing products for the market, the business has a sensitivity to customers requirements
how does market orientation allow you to maximise sales
appeals to larger markets
why do businesses use loyalty cards
repeat purchase
collect contact info to encourage sales
why would a business collect data
assess potential demand for product/service research introductory price assess competition determine suppliers how do products reach customers
customer profile
profile which gives information about who the customer is e.g income, age, relationship status
what are the benefits of market research
reduce chance of risk
develop 4 p’s
react to changes in market
primary research
original data gathered by researcher
give 7 examples of primary research
questionnaire interviews observations loyalty cards focus groups consumer panels test marketing
secondary research
data that has already been collected
give 7 examples of secondary research
annual report internal data government sources news trade journals specialist organisation publication EU and international sources
how is ICT used to support market research
gather and analyse data to make decisions
what is a market segment
an identifiable group of individuals where consumers share one or more characteristic or need
quantitive data
involves gathering data and numbers
create pie charts
statistics
graphs/percentages
qualitive data
gather consumer feelings and opinions
