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12 Cards in this Set
- Front
- Back
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Market Research
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Market research is collection and analysis of data and information to inform business about its market. This could include:
-Customers -Competitors -Market place |
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Why conduct market research?
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-Informs sales forecasting
-Part of business plans -Lack of experience. -Helps access feasibility (will it work) -Identifies potential demand |
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Primary research
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Collection of first hand data that didn't exist before
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Secondary Research
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Research that has already been undertaken by another organisation and already existed.
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Marketing Mix: Product
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The features and appearance of goods and services. Includes packaging, image, branding.
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Marketing Mix: Price
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How much customers pay for a product. Understanding the basic relationship between price and demand.
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Marketing Mix: Promotion
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How customers are informed about products. Advertising, sales promotion, personal selling, direct marketing.
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Marketing Mix: Place
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The point where products are made available to customers. The location is very important because there needs to be enough people around to buy your product/service.
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Marketing Mix
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All elements of the marketing mix are equal importance. Firms modify each element in the marketing mix to establish an overall brand image and unique selling point making it stand out from competition.
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Promotional methods for smaller businesses
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-advertising in local newspapers
-the internet -use of personal recommendation -business cards |
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Appropriate marketing mix for a small business
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-Pinpoint your target market
-Outline your goals and budget -Choose your tactics |
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Using ICT for international marketing
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Sites like eBay and Amazon mean businesses can market worldwide. Now they have a bigger target audience and possible higher revenue.
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