Marketing

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  • Marketing
    • marketing is the process of antipacting and satisfying customers needs and wants
    • market research is the systematic and objective collection, analysis and evaluation of information that is intented to assist the marketing process
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      • primary research is collection of information first hand for a specific purpose
    • Secondary research is the use of information that already exists which has been collected for a specific purpose
    • Primary: questionnaries, surveys, group discussions, observation, focus groups, telephone interviews
      • Secondary: business directories, Trade Assossications, Chambers of Commerce, Entreprise Agenices, Business Link, trade press, competiton, government publications, newspapers and internet
      • Primary market research benefits is that the information is more accurate and precise, focused on the needs of the stat up and up to date, easy to obtain and trusted
    • seocondary market research benefits is that the internet is free, information is already available and regular research shows a trend
    • Secondaty market research drawbacks is may not be relevant or useful, market reports are expensive, the data is avialbale to competitors and is misleading
    • Primary market research negatives is that its expensive and time consuming and not a big enough sample therefore biased
    • Qualitative is information such as interviews and group discussions
    • Quantitative numerical data is questionnaries and online surveys
      • Quantitative benefits is it highlights important trends and summaries correctly and easy to compare
        • Quantitative negatives is that time consuming and sample sizes need to be sufficient and doesn't explain crucial questions
    • Qualitative benefits is gives useful insights into opinions and identify new ideas and find out in depth why
      • Qualitative negatives is that's based on opinions and based on a small sample size, difficult to form definiative conclusions, expensive to gather and difficult to compare
    • sample is a group of respondents whose views should represent the target market
    • Random Sample is a group of respndents in which each member of the target population has an equal chance of being chosen
    • Quota Sample is a group of respndents from different segments selected non randomly
    • Stratified sample is a group of respndents chosen according to particular features. Groups chosen specifically

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