Marketing

Question 1

What is Market share?

Answer 1

the percentage of total sales that a business has in a specified market

Question 2

what does pigss stand for?

Answer 2

Profit
Increase market share
Growth
Survival
Service

Question 3

define market research

Answer 3

how business collect information on whether or not their products or services will be bought

Question 4

What is the purpose of carrying out market research?

Answer 4

check if ideas would be good,
is a demand for the products/services. Increases likelihood of success

Question 5

Why should negative comments not be ignored?

Answer 5

valuable insight
on how to refine your ideas
adopt to needs

Question 6

should market research be ongoing or a one off?

Answer 6

Ongoing because tastes and trends are constantly changing, to be successful you’ll need to be on top of it in order to keep generating sales

Question 7

a what is primary research otherwise known as?

Answer 7

field research

Question 8

What is qualitative data?

Answer 8

thoughts, opinions , feelings, and reasons

Question 9

What is quantitative data?

Answer 9

usually numerical, statistics and facts

Question 10

Why does quantitative data limit the information that a business can find out?

Answer 10

not getting the level of detail needed to fully understand

Question 11

Why is qualitative data beneficial over quantitative?

Answer 11

helps understand and appreciate the the reasons

Question 12

What is secondary research ?

Answer 12

data that already exists

Question 13

examples of secondary research :

Answer 13

websites
internal data
census data
magazines and newspapers

Question 14

Describe websites

Answer 14

most companies now put information about themselves and their products on the internet, of which can be used by other competitor businesses as secondary research

Question 15

Advantages of using websites

Answer 15

quick way to obtain data
cheap

Question 16

Disadvantages of using websites

Answer 16

may not be up to date
may not match the purpose of the market research required

Question 17

What is census data?

Answer 17

Data collected by the government every 10 years, questioning the entire population on their income, occupation , religion and so forth

Question 18

What information can be identified from newspapers and magazines?

Answer 18

ideas to develop new products
products and services competitions are offering

Question 19

What is internal data?

Answer 19

past sale figures , profits and comments from customers .

future decision making and usually stored in computer systems

Question 20

What is market segmentation ?

Answer 20

splitting the market for a product into different parts

Question 21

common ways in which customers could be divided

Answer 21

gender, age , lifestyle, income , occupation , location

Question 22

How does segmenting the market help to save money ?

Answer 22

businesses need to deliver marketing message to a relevant customer audience.
By segmenting the market the target customer can be reached more often and at a lower cost .

Question 23

what are the 4 ps?

Answer 23

price product place promotion

Question 24

what is invention?

Answer 24

introduction of a totally new idea

Question 25

what is innovation?

Answer 25

improvement of an already existing idea