Business Studies: Marketing 0.0 / 5 ? Business StudiesMarketing mixGCSEAQA Created by: alexgeddes2205Created on: 03-01-17 19:43 Market Research The action or activity of gathering information about customers needs and wants. 1 of 17 Primary / Field Research New research conducted to produce specific data. E.g interviews. 2 of 17 Secondary / Desk Research Involves looking into already conducted research, can be found online or in books etc, is available to competitors. 3 of 17 Sample Size Taking a sample of the population, and gathering their opinions of something specific. 4 of 17 Market Segmentation Different segments of the market. 5 of 17 Market Share The segment of a market controlled by a particular company. 6 of 17 Marketing Mix PRICE PRODUCT PLACE OR PROMOTION 7 of 17 Equilibrium Price State of balance where demand = supply. 8 of 17 Price Elastic Demand changes a lot following a price change. (luxury items - chocolate) 9 of 17 Price Inelastic Demand is fairly unresponsive following a price change. (necessary items - petrol, milk, bread) 10 of 17 Sales Promotions Short term methods to persuade customers to buy their products. 11 of 17 Public Relations Use of media to communicate with customers. 12 of 17 Advertising Standards Authority Government organisation that sets rules and regulations for adverts. 13 of 17 Channels of Distribution Various stages of getting products to customers. 14 of 17 Retailer Producer - Shop - Customer 15 of 17 Wholesaler Sales to retailers and then onto customers (Costco) 16 of 17 E-Commerce Involves the sale and purchase of good or services online. 17 of 17
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