Unit 2: AIM B: Developing A Marketing Campaign Flashcards
What is Market Intelligence?
Gathering Data from Different sources which is analysed and evaluated to find out things
Which way can you gather market intelligence?
This is through market research which informs a business decisions by helping it to understand the changing dynamics of it market.
What are the three ways to identify the needs and wants of customers?
- Identify target Market
- To Identify Size, Structure and trends in the market
- To Identify competition
What is identify target Market?
A target market is the group of people who are most likely to buy a product or service.
Example: Jamie Oliver started a campaign in 2002 to help kids eat healthier. He targeted primary school kids as his main audience. Later, he expanded to include schools and communities in general.
Why is target Market important?
Businesses need to know who their audience is so they can make sure they’re marketing to the right people.
If a business targets the wrong group, they could waste money, time, and damage their reputation.
How do you identify a target market?
Age (e.g., kids, adults, elderly)
Gender (e.g., male, female, everyone)
Income (e.g., high income, middle, or low income)
Location (e.g., city, region, or country)
What is to Identify Size, Structure, and Trends in the Market
For an effective marketing campaign, its important to identify the target market, structure and trends.
What is Size? Example:
Businesses need to know how big their market is. This helps them decide if they should focus on a large, mass market or a smaller, niche market.
Example: A company may decide to make products for all age groups (large market) or only for teenagers (niche market).
What is Structure? Example:
Structure means understanding who your customers are. What kind of people are they? Are they young or old? Do they live in a certain place? What languages do they speak?
Businesses can use this info to make their ads, products, or services more appealing to the right group.
Example: A travel company might focus on older customers who want relaxing vacations, while another might target young people who want adventure trips.
What is to identify Competition?
Marketing Campaigns rely on the intelligence to assess threats from competitions
What are Trends? Example:
Trends are changes in what people buy, when they buy it, and how often.
Knowing trends helps businesses plan for the future.
For example, a business can know when customers are most likely to buy based on past data.
Example: A company selling winter coats will use past buying trends to predict when customers will need them again.
What does it Identify Competition mean?
Competition refers to other businesses that sell similar products or services to the same audience.
Knowing who your competitors are and what they offer helps you improve your own business strategy.
Why is it important?
If you don’t know what your competitors are doing, you could lose customers to them.
Understanding your competition allows you to highlight what makes your product or service better.
How do businesses identify competition?
They look at things like:
-Pricing (Is your competitor cheaper?)
-Quality (Is their product better?)
-Customer experience (Are customers happier with their service?)
Example: Big supermarkets like Tesco or Lidl regularly check their competitors’ prices and often have promotions to convince customers they offer better value.
What are the two Market Research Methods and use?
Primary and Secondary
What is Primary Research?
Primary research is data and information that the business has gathered first-hand and has not been gathered before.
Examples of Primary Research Methods
- Questionnaires and surveys such as online feedback forms
- Interviews and focus Groups
- Mystery shoppers and other observation techniques
- trials of prototypes or new products for gathering feedback
WHY does the business carry these research methods
One reason would be that it would be more cost effective for a business to conduct secondary research before it starts conducting primary research methods
another reason is that it allows to build an understanding of the market and identify any major barriers before committing to expensive research
- Primary research can be used by the business to develop some assumptions
What is a secondary research method?
Secondary Research uses data and information that has been collected before from within the organisation or by other organisation this method is known as desk research.
