Unit 5: Marketing Unit Flashcards
why would a business use market research?
to find the gap in the market
* to find the exsisting customer’s needs that aren’t met yet
* /////////////////////
to improve decision making to reduce risks
* what prices should be set
* how to promote
* where to sell
* types of features you want to add to new products
gap in the market
primary and secondary research
primary - finding it yourself
secondary - exsisting data
Quantitative
- data expressed in numbers
- e.g. how many
- good for statistical analysis (in bulk)
- sale figures
- /////
Qualitative
- data expressed in words
- e.g. what is yout opinion of…
- more detail but harder to analys in bulk
- interviews
- focus groups
- observation
how is social media for market research useful
- use to create surveys
- find new trends
- then can provide that product
- examine followers/subscribers
- segmentation
- then can tailor products
Quantitative pros
- quicker and easier to gather
- faster to analyse
- examine larger samples
(averages, standard deviation) - easier to make decisions from
Quantitative cons
- tends to have a narrow/closed Q’s (who/what/when) never why/how
- cannot understand in depth
qualitative
- can understand the situation/issue in depth
How/Why
qualitative cons
- slower to gather
- difficult to analyse data
- harder to make business decisions from
because theres lots of it and you may not be sure how to interpretate it
what are the 4 Ps
- Price
- product
- promotion
- place
Primary reasearch pros
create Qual and Qual questions that are tailored precisely to your needs
yourself
Primary reasearch cons
- likely time consuming
- likley expensive
secondary reasearch pros
- likley quick/instant
- likley cheaper to access research (still cost money)
secondary reasearch pros
- competition will have access to the same info
- info could be too broad or out of date
further analysis to primary and secondary reasearch
- size of sample
- small business may need to do primary reseach (despite cost) to get ‘competitive edge’
market segmentation
when POTENTIAL customers are divided into different groups
+ examples (4)
e.g.
* gender - colours, sizes
* income -
* location
* lifestyle
