market research Flashcards
market research
the collection, collating, analysing and reporting of information about marketing issues
it allows managers to make informed decisions so they can satisfy consumer needs effectively
importance of market research
can reduce the risk of failure
helps business identify new markets
helps business identify threats/changing needs
can save the business money in the long run
desk research
involves accessing and using info that is already available from other sources
it is secondary research can be internal/external
adv disadv of desk research
\+relatively cheap, easy fast to compile instantly available can provide info on competitors/consumer spending patterns\ -may be out of date may not be specific to business may be biased competitors may use same info
sources of desk research
internal reports
government reports
internet search engines
newspapers
field research
research that has never been done before
the researcher goes into the marketplace and collects new info directly from consumers
primary research
adv disadv of field research
\+more accurate up to date related to specific needs -costly time consuming requires reasonably large sample for accuracy
market segmentation
dividing the overall market into separate and distinct groups of consumers
the segments are clearly identifiable with common characteristics
allows a firm to identify who their target market is
segmentation can be done by
geographic
demographic
psychological
benefits of market segmentation
- better matching of consumer needs to products
- more targeted ads lower marketing costs
- focused communication to market
target market
a group of people to whom a product is aimed
this group mostly likely to buy the product
niche marketing
small specialised group of potential customers within a larger market segment
not satisfied with mainstream products, more specialised needs
marketing concept
a firm should understand, analyse and anticipate the needs of consumers
they look to identify what the consumer wants and creates a product to satisfy these wants
marketing plans
written plan that sets out the marketing objective of the business and states how the objectives will be achieved
looks at overall objectives as stated in business plan and puts in place a series of marketing activities to ensure they are achieved
key elements of marketing plan
market research market segmentation target market product positioning marketing mix
