Business studies -Marketing

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Define market research
enables a firm to find out about its market, customer and potential customers
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define secondary research
research which has previously been collected for another purpose
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define primary research
gathering new information e.g.- using questionnaire
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benefits for small businesses using market research
learning customers needs, estimating likely demand and finding competitions location, products and prices
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define product
service or good being sold by a company
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define product range
collective term given to all product made or sold by a business
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define product differentiation
attempting to make your products stand out from your rivals through design, brand image and advertising
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define demand
the quantity that consumers are willing and able to buy at the current price level
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how do customers affect pricing
lowering prices can increase demand however if made too low customers will think your products low quality
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how do competitors affect chasing pricing
competitor pricing is deciding the price based on what rivals charge
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define marketing budgeting
amount to spend on marketing and promotion over a certain period of time
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three methods of promotion
advertising, direct mail and word of mouth recommendation
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advertising advantages and disadvantages
eg-newspapers can be adjusted by size to fit budget but can still be expensive and not well targeted
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word of mouth recommendation ad and dis
free however business has no control over what people say
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direct mail ad and dis
cheap but often seen as junk mail and has low success rate
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define channel of distrubtion
metod to transfer goods or services from producer to final customers
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define ecommerce
transactions between businesses and people carried out on the internet
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define retailers
offer consumers a convenient and comfortable environment to buy products in
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define wholesaler
buy large quantities of a product from producers and break them down into more manageable batches for retailers or consumers.
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Other cards in this set

Card 2

Front

define secondary research

Back

research which has previously been collected for another purpose

Card 3

Front

define primary research

Back

Preview of the front of card 3

Card 4

Front

benefits for small businesses using market research

Back

Preview of the front of card 4

Card 5

Front

define product

Back

Preview of the front of card 5
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