Market Research + Competitive Environment Flashcards
market research
process of collecting and processing information on the market in which a business operates in
demand
spot growth opportunities, spot potential threats
competition
understand threats and prepare
target market
insight into wants/ needs and how they change
qualitative
information on opinions and views
quantitative
factual information
market segmentation
division of customers into age/ gender/ income/ location, choose marketing mix, choose promotion
market mapping
identify gaps by looking at what competitors offer, their quality, their price
primary
done from a business, tailored to their exact needs
secondary
business collects information on research carried out by others
market
place to trade/ industry/ target market
competition
other businesses who sell similar p/s in same market
impacts of high competition
forces a business to be efficient with pricing or improve quality, to appeal to customers
