1.2

• Why do businesses use market mapping?

  • to spot a gap in the market
  • to see if customers are selling similar products
• What are the 4 customer needs?

  • price
  • quality
  • choice
  • convenience
• What is the purpose of market research?

  • identify and understand customers needs
  • to see a gap in the market
  • reduce risk of business failure
  • be able to make informed business decisions
• Define primary research?

  Research that you carry out yourself
• Define secondary research?

  Looking at data from outside of the business
• Examples of primary research?

  • surveys
  • questionnaire
  • focus group
  • observation
• Examples of secondary research?

  • the internet
  • market reports
  • government reports
• Define quantitative information?

  Numerical data.
• Define qualitative information?

  Descriptive data.
• Ways to segment the market?

  • age
  • gender
  • location
  • lifestyle
  • income
• Factors for competition?

  • price
  • quality
  • location
  • customer service
  • product range