1.1.2.Market Research
Cards (18)
- Market Research:Process of collecting information about the market they operate in
- Market research on Demand:
- Insights on customers wants and needs help a business improve the product,spot market opportunities and stay competitive
- Insights into overall demand trends and can help a business spot opportunities for growth and potential threats
- Market research-Competition
- market research into competitors can help a business understand the major threats in the market and prepare to deal with them
- Market Research-Target Market
- Gives insights into customers wants and needs and how they are changing over time
- Qualitative research
- collects information abut opinions and views
- Quantitative research
- collects factual information on things that can be quantified and recorded easily
- Sampling
- occurs when a business selects a sample of the population to save collecting data from everyone in that population
- Advantages of Sampling
- reduces cost as business doesnt need to collect data from everybody
- Disadvantages of sampling
- May not reflect full target market if sample isnt chosen fairly
- Technology
- Used to analyse market research data by completing calculations and creating graphs and charts which can be used by managers and leaders
- Market Segmentation
- process of dividing potential customers into different groups depending on charectersitics like age,gender,income and more
- used to choose makret mix,promotion and market mapping
- Choosing market mix
- can help to understand customers needs and wants
- Choosing Promotion
- Segmentation gives businesses ideas on how best to promote their products and how to appeal to consumers
- Market Mapping
- Proccess to indentify gaps in the market by looking at what competitors offer
- Gender
- some products are aimed primarly at either males or females
- Age
- Some products are aimed at a spcific age group
- Location
- Consumers wants and needs can often based on where they live or they were born
- eg.Polish supermarkets in a prodominantly polish area
- Income
- Certain products need to aimed at people who earn a certain amount of money
- eg.luxury