Topic 1.2 Flashcards
What can a market mean
A place where goods are traded between customer and supplier
A trade in a particular type of product
The potential customers for a product
What are competitors
Competitors are different businesses that sell similar products in the same market
What is market size
The number of individuals within the market which are potential buyers and sellers of products
What is market share
The proportion of total sales within the market that is controlled by a business
Which aspects of a business will rival companies look into
Price
Customer service
Quality
Product range
Location
How can market research help businesses
Help to make informed decisions
Help to spot a gap in the market
Reduce risks
What is primary research
Getting first-hand information from customers or potential customers
Examples of primary research
Observation
Questionnaires
Focus groups
What is secondary research
Using already published data to form your own conclusions
Examples of secondary research
Government statistics
Reports
Pros and cons of primary research
Pros:
Up to date
Relevant
Specific
Cons:
Expensive
Certain types won’t get opinions
Not everyone is accounted for
Pros and cons of secondary research
Pros:
Wide range of data
Can analyse past trends
Cheaper
Cons:
Out of date
Non-specific
Not relevant
(Sometimes)
How can social media be used for market research
See what things are popular within a demographic
Can track interaction
What is quantitative data
Numbers and can be measured
What is qualitative data
Feelings and opinions
