A level business

• Disadvantages of secondary market research include information being collected for other purposes and possibly lacking relevance or being factually incorrect.
• Interviews take longer but allow the interviewee to ask follow-up questions and gather information that can easily be missed when conducting surveys.
• Disadvantages of market segmentation include it being difficult to identify a segment and consumers can belong to multiple segments at the same time, it requires more detailed market research which can prove costly, and it may be less expensive and wasteful than marketing products at wide market segments.
• Market positioning refers to the process a business goes through when launching a new product or service, deciding where they want to position the product in the market with regard to price, quality, branding, and customer perception.
• If there were no spaces left on the market map, it indicates that the market is saturated, meaning there are no opportunities to exploit a market niche in the market.
• Market mapping is a tool for identifying the position of a product within a market, a market map refers to a two-dimensional diagram that shows the attributes or characteristics of a product in comparison to rivals’ products.
• Firms often segment their markets according to factors such as income, geographical location, religion, gender, or lifestyle.
• Each segment represents a slightly different set of consumer characteristics.
• Businesses operating in niche markets use branding to communicate their offering to a small, well-defined group of consumers.
• Brands are unique and are protected by law.
• Strong brands are more likely to be able to charge higher prices for their products than weaker brands.
• Online retailing involves selling products via the internet.
• Brands add value, often making the product/service more desirable to consumers.
• Adding value is the process by which firms increase the price that the consumer is willing to pay.
• Some famous brands include Apple, Coca-Cola, and Nike.
• Disadvantages of online retailing for firms and consumers include high costs for website development, maintenance, and promotion, lack of personal contact with customers, and difficulty in returning unwanted products.
• A dynamic market is a market that is subject to rapid or continuous changes.
• Businesses operating in mass markets use branding to stand out from the competition.
• The mobile phone market is an example of a dynamic market.
• Brands influence the position of the business within its market.
• Market orientation is an approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs.
• Market research can help identify competitors and gauge their potential strengths and weaknesses.
• Businesses which do not adapt are less likely to survive in the long run.
• Market research can help understand consumer behaviour.
• Changes that cause markets to be dynamic include changing consumer tastes and preferences, changing demographics, and increasing competition.
• Products will be developed which respond to consumer needs in a market orientation.
• Changing market conditions offer new opportunities for firms, but also pose threats.
• Primary research is the process of gathering information directly from consumers in the target market using field research methods such as surveys, interviews, etc.
• Advantages of online retailing for firms and consumers include providing business access to more consumers, enabling longer trading hours, and lowering fixed and variable costs.
• Market research is the objective collection, compilation and analysis of information about a market.
• Effective market research will help the business to reduce risk when launching new products or entering new markets.
• The perceived quality of a strong brands products is better than that of weaker brands.
• A brand is a name, image, or logo which helps one product/service stand out from its competitors.
• Market orientation aims to develop products to meet needs identified by consumers during the market research process.
• Branding is one of the key ways in which businesses achieve product differentiation.
• Market research can help identify potential consumer demand.
• Risk and uncertainty can be used in strategy focused questions.
• Many markets are becoming more competitive and change is inevitable.
• A product orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer.
• The result of market orientation is that the firm will benefit from increased demand, increased profits, and a valued brand image as its products become more desirable.