BTEC UNIT 9 - Reaching the market and market research

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Primary data
obtained from customers themselves. E.g. interviews, questionnaires, focus groups.
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Secondary data
published information that already exists or another organisation has obtained. E.g. newspapers reports, online sources or journal report.
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A fast-growing market
Offers opportunities for higher sales, greater sales revenue and more profit. This can attract powerful producers which can drive prices down. They can afford greater investment, making it harder for small firms to compare.
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A slow growing market
Offers less immediate reward but involves fewer competitor’s challenges. Products can evolve based on customer’s feedback and new technological development. The focus can be on quality and prices are probably more stable.
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Market growth
Market growth is important by rates vary. You could check the percentage change over time to identify whether growth is fast or slow. There are implications related to both fast and slow growing markets.
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Qualitative data
explains why people hold certain views.
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Quantitative data
involves numbers such as statistics.
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The uses of different types of data (quantitative and qualitative)
Most business obtain both types of data when they are carrying out research. This data should enable then to: • Understand trends and make predication. Some markets grow over time E.g. tablets sales have grown and desktop sales are falling. • Identi
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Market share
This is usually the percentage of the total sales of a product accounted for by one company but is sometime calculated by the number of outlets. You might want to find out which companies have the largest market share and why they are so popular.
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Market growth equation
New – old ----------------------------- X 100 old
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Market size equation
Company sales ------------ X 100 Total sales
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Market size
Most markets are quite complex and can be calculated in different ways…1. By value - Finding out the total sales.2.By product/brand – Could find out which are the most popular brands and If the market is segmented at all. You can find out more rel
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Bench marketing against competitors
This is a way of comparing one business with others on certain issues. For example, by checking a competitor’s website, you could see whether their product range, prices, delivery charges and customer return policies were better or worse than yours.
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Producing a SWOT and PESTLE analysis
These are two different ways in which a business can examine its own position in the market. They let businesses asses how they could be affected by future trends and developments and then work out their possible response Pestle – a tool used to asses
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Other cards in this set

Card 2

Front

published information that already exists or another organisation has obtained. E.g. newspapers reports, online sources or journal report.

Back

Secondary data

Card 3

Front

Offers opportunities for higher sales, greater sales revenue and more profit. This can attract powerful producers which can drive prices down. They can afford greater investment, making it harder for small firms to compare.

Back

Preview of the back of card 3

Card 4

Front

Offers less immediate reward but involves fewer competitor’s challenges. Products can evolve based on customer’s feedback and new technological development. The focus can be on quality and prices are probably more stable.

Back

Preview of the back of card 4

Card 5

Front

Market growth is important by rates vary. You could check the percentage change over time to identify whether growth is fast or slow. There are implications related to both fast and slow growing markets.

Back

Preview of the back of card 5
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