Unit 1.2 5.0 / 5 based on 1 rating ? Business StudiesMarketing a BusinessGCSEAQA Created by: EmilyDysonCreated on: 04-05-15 10:09 Why do entrepreneurs carry out Market Research? - Demand - how many people will buy it? - Prices - how much they want to pay - Competitors - what they sell. 1 of 7 How does market research improve a small business? - Can find competitiors - help to choose the right location - determine the target market - they can differentiate themselves - help to spot risks - contingency plan 2 of 7 What are the methods of researching the market? Secondary internet research Promotions produced by competitors - looking at their menu's or catalogues etc. Primary Questionnaire Supplier feedback - e.g. ask what products are the most popular Customer feedback Focus group 3 of 7 Why change the marketing mix? change in economy competition market research seasonal changes customer needs 4 of 7 What do entrepreneurs look for in a product? something they are interested in something there will be demand for a product or service that doesn't require expensive premises or equipment 5 of 7 What are the aims of promotion? to increase customers geographically to give customers information about the changes in your business to develop the brand, image and reputation of the business to try encourage new people to use the business for the first time or entice new customers to return. 6 of 7 What are the methods of promotion? Advertising in local media Sales promotion Direct mail personal selling Public relations Merchandising 7 of 7
Comments
No comments have yet been made