Unit 1: Marketing (1)

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  • Created by: jj_123
  • Created on: 01-05-15 09:48
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  • Unit 1: Marketing
    • Market Research
      • Finds out what customers want.
      • Knowing customers needs, find out competition and estimating demand.
      • It can cost a lot of money.
      • Features of a good questionnaire
        • Should be short, closed questions.
    • Primary (Field/Original)
      • Gathering new information
      • Provides up to date, relevant and specific data.
      • It is expensive and time consuming.
    • Secondary (Desk/Published)
      • Research using information gathered for another purpose.
      • Cheaper and easier, data is instant.
      • Not always relevant and can be out of date.
    • Treat research with care:
      • May be misleading questions and some sources may not be reliable.
    • Marketing Mix
      • Product
        • Some business find what people want, then make it.
        • Some make it then try and sell it.
      • Place
        • Retail: Sold by the most suitable shop
        • Manufactures directly to the consumer.
        • Internet Sites
      • Price
        • Demand rises as price falls.
        • Supply rises as price falls
        • Equilibrium - where producers and consumers agree.
      • Promotion
        • Try's to achieve awareness, information, brand and imaging building.
        • Where firms advertise depends on: Target audience, budget, size of market.
        • Methods
          • Local Newspaper
          • Word of mouth
          • Website
          • Personal selling of product
    • Research Methods
      • Internet
      • Telephone Survey
      • Questionnare
      • Customer Feedback
      • Focous Group

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