researching and understanding the market - unit 1
- Created by: Anya kelly
- Created on: 18-05-13 10:24
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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
- random sampling
- 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
- volume
- can be measures in two ways
- the measurement of all the companies within the market
- 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
- can be done by:
- the way a business can stretch selling price away from the production costs
- in economics:
- internal secondary research
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