Markets, Consumers and Competition Flashcards
what is market segmentation?
A unique group of consumers who share common characteristics
what does market segmentation allow?
focusing resources, new product development and a share growth in market
What is market segmentation issues?
Markets are always changing
What does market mapping need?
Price and Quality used
Give examples of segments in market mapping
Product, promotion, price, place
what is competitive advantage?
Any feature of a business that enables it to compete effectively
what are the advantages of qualitative research
it highlights useful issues
what are the disadvantages of qualitive research?
IT is time consuming
Advantages of quantitive research?
more statistically valid, larger samples
disadvantages of quanitiive research
no opinions
advantages of primary research
it is up to date and focused
disadvantages of primary research
survey bias risk, costly/time consuming
advantages of secondary research
free/easy to get
disadvantages of secondary research
it goes quickly out of date, could be expensive
what did the Bias Data Protection Act of 1998 state?
Consent is needs and data needs to be kept secure, ethical guidelines.
