market research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
-Primary /Field research involves the collection of primary data. thi information which no-one else has collected. For example: survey, questonnaire, product samples, interviews and focus groups.
-Secondary /Desk research involves finding and looking at information that already exsists. For Example Internet, books, Library, newspapers, old information, reports, and competition information.
a market segment is a part of a market that contains a group of buyers who share similar characteristics eg:Men aged 18-24 on low prices.
A market map is a grid that measures two diffrent aspects of the brands within a market, eg: young/old compared wth luxury/economy!
A market map is also known as a perceptual map or a positioning map!
Gap in the market.
occurs when no buisness is cuurently serving the needs of customers for a particular product.
is a buisness based upon using the name, logo & buisness model of an exsisting company.
the franchisee is the entrepreneur opening a new buisness
while the franchisor is the established company!
a willingness by an individual or a buisness to take risks , show initiative and undertake new ventures.