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Marketing
Benefits of market research:

Knowing customer's needs ­ helping to avoid wasting money on products that will not sell
Estimating likely demand ­ so that the firm avoids making too few or too many products
Helping the entrepreneur to understand if the market is big enough to make the…

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Allow a quick overview of the market

Disadvantages:

Some sources may be biased e.g. competitors website
Unlikely to be exactly what firm needs to find out



Advantages of telephone surveys:

Cheap
Allows interviews to clarify any unclear questions

Disadvantages:

May be viewed as a nuisance by those telephoned



Advantages of…

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Advantages of a focus group:

In depth information about customer attitudes and motives behind purchasing decisions.

Disadvantages:

Very expensive per person questioned
Only ever carried out on small samples so the results may be unrepresentative




Why small firms adapt their products:

To increase sales
Increase customer loyalty
To meet the…

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Disadvantages:

The company does not control the content so those reporting on the event may provide
negative publicity e.g. the shop was too small to hold all of the people who attended



Advantages of Customer word of mouth recommendation:

Free and trustworthy- most people believe their friends advice

Disadvantages:

Impossible…

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Advantages of banners and popups on other websites:

Can target people by interest and hobby

Disadvantages:

May be ignored seen as a nuisance or even blocked popups.



Why place is important?

The right channel will balance the need to cut costs and therefore the final price by using the
most…

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Internet research: using information that has already been published on the internet to gather
information about the market for a firm's products or services.

Telephone survey: a series of set questions delivered over the telephone to consumers as a method
of primary research.

Supplier feedback: gathering information from companies that…

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