Business topic 1.2
- Created by: Will Maycock
- Created on: 23-04-18 17:33
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- Business topic 1.2
- Market research
- Primary research
- Primary research is original data gathered by the researcher. The information does not yet exist, so it could not be found on the Internet, a website, in a magazine or anywhere else
- Secondary research
- Secondary research is also called desk research. The information already exists in some format, someone has already collected the data
- Primary research
- Market segmentation
- Demographics
- statistical data relating to the population and particular groups within it. For example market segmentation helps film and book companies because everyone has the same interests
- Lifestyle
- A business may decide to segment the market according to lifestyle This may be a combination of; values attitudes, perceptions, beliefs This may also include hobbies and interests
- Demographics
- The competitive environment
- Price
- Lower prices may mean lower profits. This will mean the business will have to lower costs. This may also mean that it starts a price war with other competitors
- Quality
- If the business decides to improve the quality of its products this will cost more. If costs increase then this will mean that profits will be lower.
- Customer service
- Retailers that provide customers with a helpful and friendly service will win their loyalty. For example Marks and Spencer have a “goodwill” returns policy
- Price
- Market research
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