Topic 2 Flashcards
What is qualitative data?
Opinions
What is quantitative data?
Data and numbers
5 ways to segment market
Age
Gender
Income
Location
Lifestyle
Product lifecycle
Introduction
Growth
Maturity
Decline
What are advantages of a questionnaire?
Cheap
Easy to target specific groups
Quick
Disadvantages of questionnaire
Difficult to know how many will be filled
Lack of understanding
Forms of primary research
Questionnaire
Interviews
Trials
Focus groups
Advantages of interviews
In depth detailed data and clarify understanding
Disadvantages of interviews
Expensive
Advantages of trials
Saves money in the long term
Determines demand without spending money
Disadvantages of trials
Costly to set up
Advantages of focus groups
Group environment
Clarify understanding
Target people
Disadvantages of focus groups
Expensive
Could be biased if they don’t want to disagree or offend
Secondary market research forms
Census
Websites
Internal data
Newspapers/magazines
Advantages of secondary market research
Time saving
Cheaper
Disadvantages of secondary market research
Outdated
Not specific to business needs
5 ways of pricing
Competitors
Penetration
Cost-plus
Promotional
Skimming
Digital distribution
Things that you buy online and instantly get
E.g Amazon prime
Promotion methods at point of sale
Reductions
Loss leaders
Competitions
Free samples
Advertising methods for promotion
Social media
Print média
Radio
Websites
TV
