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19 Cards in this Set
- Front
- Back
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Primary Research |
First-hand research got from the business itself Survey , Questionnaire, Focus Group, Observation |
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Secondary Research |
Second hand research got from other sources, has been used before Internet, Market reports, Government Reports |
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Market Segmentation |
Dividing the market based on groups based on wants and needs and other factors |
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Market mapping |
The method used to identify where a product is positioned in the market and it can be used to identify gaps in the market |
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How can segment the market? |
Location , Demographics, Lifestyle, Income, Age |
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How can segment the market? |
Location , Demographics, Lifestyle, Income, Age |
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5 areas of Business |
Price Quality Location Product Range Customers service |
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Customer Needs |
Price Quality Choice Convenience |
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Customer Needs |
Price Quality Choice Convenience |
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Why should you carry out market research? |
To identify and understand customers needs To identify gaps in the market To reduce risk To inform business decisions |
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Qualitative Data |
Data based on opinions and attitudes |
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Qualitative Data |
Data based on opinions and attitudes |
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Quantitative Market Research |
Data based on numbers and statistics |
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Why should a business meet customer needs? |
Generate sales More customers Repeat customers Survival |
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Why should a business meet customer needs? |
Generate sales More customers Repeat customers Survival |
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Why is social Media a good way to carry out Market research? |
Cheap way of understanding customers, it can: Deepen understanding of the market Identify trends Improve products and marketing Saves time and money |
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Why should a business meet customer needs? |
Generate sales More customers Repeat customers Survival |
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Why is social Media a good way to carry out Market research? |
Cheap way of understanding customers, it can: Deepen understanding of the market Identify trends Improve products and marketing Saves time and money |
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Why should Market research be valid? |
Make business decisions based off Market research so the business may make harmful decisions if not done right. |
