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.
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
What are the methods of researching the market?
- internet research
- Promotions produced by competitors - looking at their menu's or catalogues etc.
- Supplier feedback - e.g. ask what products are the most popular
- Customer feedback
- Focus group
Why change the marketing mix?
- change in economy
- market research
- seasonal changes
- customer needs
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
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.
What are the methods of promotion?
- Advertising in local media
- Sales promotion
- Direct mail
- personal selling
- Public relations