business

• secondary research - gathering info that already exists

  • advantage is that it is cheaper than secondary research as it is easier to find
  • disadvantage is that the information is available to all businesses
• market - is where buyers and sellers meet to exchange goods and services
• market mapping

  • is a grid that measures two aspects of a brand e.g. young vs old
  • shows where a sector is overcrowded
• marketing gaps

  occurs when there is no business currently serving the needs of customers for a particular product
• competition - when two or more businesses offer the same products or services they will compete with each others for customers
• product range - a shop may sell a range of similar products to apeal to different market segments