researching and understanding the market - unit 1

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  • researching and understanding the market
    • internal secondary research
      • = looking at the business' old documents to identify which products are selling well
    • adv. of external secondary research
      • good because it has often been done for mass marketing so it has huge sample size
    • sampling methods
      • random sampling
        • sample size needs to be huge to be rep.
        • might not  select people from target group
      • stratified sampling
        • random but more focused on segment
        • gives relevant data
        • more cost effective
      • snowball sampling
        • samples developed from contacts of existing customers
        • through word of mouth
    • market size
      • the measurement of all the companies within the market
        • can be measures in two ways
          • volume
            • althe quantity of all the goods purchased in the marker
          • value
            • the amount spent on volume sold
    • added value
      • in economics:
        • the difference between the selling price and the cost of raw materials
      • in marketing/business:
        • the way a business can stretch selling price away from the production costs
          • can be done by:
            • transformation - turning raw materials into something
            • design - enhancing appearance of technology
            • branding - advertising/PR/UPS/cleb endorsement
            • flexibility/customisation
            • supply speed/convenience


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