market research

1. Product- a product is a good or service bought by customers or other businesses. Customers buy a product to meet a need this means the company needs to make a product that would best meet the customers needs.

2. Place- place is where the product or service is available to the customers or other company. 

3. Promotion- promotion is when a business puts an offer on a good or service to encourage people to buy them. 

4. Price- costs= the amount of money that a company will pay to make the product or service price= the amount of money the product or service is sold to a customer or other company. To find the price of the product or service differs becuase of customers- lowering the price would open up to a bigger market but if the price is too low people might think it is bad quality. Competitors- companies dont want to be too expensive or too cheap compared to other companies. Cost- the price needs to be high enough so it covers the cost to make the product or service and be able to get a profit to pay for the wages. 

product differentation is where a business needs to decide on the function, apperance and cost of the good or service so it would most likely appeal to their target audience and stand out against competition. 

Advertising- it is above-the-line promotion. Adveritsing is non-personal and it is where a company pays people to put adverts on the televison, radio, social media or newspapers.

Sales promotions- sales promotions encourage people to buy there on the spot. Like 2 for 1 or buy one get one free.

Personal selling- this is face-to-face communitcation. When a company pays a sales person to go door to door to sell the product or service. 

Direct marketing- thisis when firms make contact with an individual consumer like junk mail or weekly speacial offer emails. 

Primary research is field infomation and includes:

1. Questionare and surveys

2. Observations

3.Consumer trials 

4. Hall tests 

5. Focus groups 

Primary research involves gathering new information that hasnt been gathered before. 

Secondary research is desk research and includes:

1. Articles

2. Books

3. Newspapers

4.Internet 

5. CD/DVD

Secondary research invlolves gathering exsisting information that has all ready been made.