Unit 1 - Marketing Flashcards
What is market research
Market research is the process of gathering and analysing and processing data relevant to marketing division
What are the reasons for conducting market research?
Market opportunities
Market size
Market share
What are the two different ways of gathering market data
Primary market research involves gathering information for the first time
Second name Mary market research involves using data that already exist
What are examples of primary market research
Questionnaires to conduct a survey for protectant sure customers
How effective is market researching ?
Market research is very effective because intrapreneurs can get a better insight on their customer and rival therefore their marketing activities are much more effective and should prevent wasting money
What are the advantages of secondary market research? (2)
They can be gathered quickly and cheaply and sometimes may be available for free
It can provide information on a large section of the population
What are the disadvantages of secondary market research?
The existing data may not be exactly what the start-up business 14 example you may want information on the population of one area of Oxford but can only find data on the whole of the city
The existing data may be out of date
how can primary data be gathered ?
Observing for example footfall
Experimenting rainout new forms of advertising and measuring the response
Survey you for example interviewing people who might bioproduct to understand the motives
What are the disadvantages and advantages of door to door survey?
Adv: can see how people react and people May be more likely to tell the truth
Dis: can be very time-consuming
What are the disadvantages and advantages of Internet research?
Adv: it’s quick she also sometimes free
Dis: May not find the views of your target customers or your Specific needs
What is the advantages and disadvantages of having a focus group?
Advantages are they can get in-depth responses because they give their views on a particular business issues such as the brand name or brand image
The disadvantages are that some more focus group may not reflect all your targets customers
What are forms of primary research ?
Questionnaires
Telephone survey
Customers and suppliers feedback
Internet research
What are the difficulties and problems of start-up research?
when entrepreneurs are setting up a business they are often quite short of money and any funds tend to be spent on getting the business up and running they are sometimes reluctant to money into market research and especially when they think they know what the customers want already
What is marketing mix?
Refers to all activities influencing whether or not a customers buys a product. The elements of the mix can be analysed using the four Ps Price Place Promotion Product
What is the importance of product in the marketing mix ?
The product reefers to all factors relating to the design. The specification and the features of the product
All aspects of the product help them sell
A business may alter it’s produce to increase their appeal for different customers but must make sure the money they will earn will cover the cost of doing this
Why is promotion important in the marketing mix ?
Promoting a product means communicate something about it you might be letting people know your business exist and telling them about a new product or a special for or highlighting the difference between what you offer and what else is on the market
How would a business most likely promote a product?
Advertising in a local newspaper
Advertising
Sponsoring a sports event
or using posters around town
Why is the right form of promotion important for a business ?
Because four example a cafe my advertising in a local newspaper - local customers whereas our car manufacturer might advertise on TV- broader and overall customer
Why is it important a start-up business chooses the right form of promotion?
This is because they are likely to have limits in options for example a a small start-up business will not be on national advertising because it is likely to be expensive and go for postcards in shops and in their own shop window encouraging customers to tell other people (word of of mouth recommendation)
What is a cheaper way of promoting a small business?
Local advertising and developing your own websites
Why is price important in the marketing mix?
There are many different aspects to pricing businesses must also consider what amount the customer will be asked to pay for the product
How a business think about setting a price?
In business will have to think about its course and whether it will want to cover its cost to make a profit however it must also think about the effect that the price will have on demand generally increasing the price will lead to fewer product being sold you may make more profit on each one but if cells fall a lot you can be worse off
How could a small business increase the price of a product gradually?
A small business must be careful they don’t charge too much they are unlikely to have a well established brand name or proven track record so they need to make sure their prices seen as reasonable and affordable once they are more established and powerful they may be able to increase the price because of brand loyalty
Why is places included in marketing mix?
The place is referred to the way in which the products are distributed for example apple has some elegant stores where is latest products are displayed however Audi is a more basic stall selling cheap good value food
