Unit 1: Marketing (1)
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- 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- Not always relevant and can be out of date.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
- Product
- Research Methods
- Internet
- Telephone Survey
- Questionnare
- Customer Feedback
- Focous Group
- Market Research
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