Conducting Start-up market research - BUSS1 - chapter 5
- Created by: livviecoles
- Created on: 26-03-14 18:21
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- Conducting start-up market research
- what is market research
- the process of collecting information to assist the marketing process
- the anticipation and satisfying of customers wants in a way that delights customers and meets the organisations needs
- purposes
- Descriptive reasons
- Achieving objectives
- Identifying trends
- Comparisons
- Explanatory reasons
- Predictive reasons
- how the advertsing effects the sales
- will a new price alter sales
- likely arrival of a new competitor
- Exploratory Reasons
- ideal price
- best ways of promoting
- Descriptive reasons
- Types of market research
- Primary Market research
- Experiment
- observations
- Focus Groups
- Surveys
- Personal interviews
- postal surveys
- telephone interviews
- Internet surveys
- Test marketing
- Secondary research
- Gov Publications
- Newspapers
- Magazines
- Company records
- Competitors
- Market research organisations
- Loyalty cards
- Internet
- Primary Market research
- Content of Data
- Qualitative market research
- research based on opinions
- benefits
- why customers behave in a certain way
- highlight issues the business Are not aware of
- detailed insight into customers thinking
- Drawbacks
- Expensive
- difficult to compare data
- Quanative research
- research based on figures
- Benefits
- summaries data in a concise way
- makes it easier to compare data
- can be used to identify trends
- Drawbacks
- only shows what rather than why
- can lack reliability and validity
- Qualitative market research
- sampling
- Sample size
- Random sampling
- Stratified sampling
- Quota sampling
- what is market research
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