Market research...

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What is market research for finding out about?
Customers, Market, Competitors.
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What are the 2 types of market research?
secondary and primary
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What is primary research?
research you carry out yourself e.g. questionnaires
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What is secondary research?
research that has been carried out by someone else and you use it to make decisions e.g. internet, newspapers
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What is the first step for a new business or product?
Trial purchase.
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What is quantitative data?
Factual information.
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What is Qualitative data?
Information collected about opinions and views.
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How do you improve the life cycle of a product?
Extra advertising, Adding Additional Value, Find new markets, Special Promotions, Widen product range.
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What are businesses range of product called?
Product mix.
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Name the four stages of a products life in order.
Introduction, growth, Maturity and Decline.
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What happens at introduction?
Introduction to the public, pre-orders etc...
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What happens at growth?
sales begin and continue to steadily rise, product becomes well known
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What happens at Maturity?
sales have peaked, product is well known and has many loyal customers
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What happens at decline?
sales are decreasing, losing customers and losing money
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Other cards in this set

Card 2

Front

What are the 2 types of market research?

Back

secondary and primary

Card 3

Front

What is primary research?

Back

Preview of the front of card 3

Card 4

Front

What is secondary research?

Back

Preview of the front of card 4

Card 5

Front

What is the first step for a new business or product?

Back

Preview of the front of card 5
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