Business studies -Marketing 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: GraceRobinsonCreated on: 08-01-16 14:02 Define market research enables a firm to find out about its market, customer and potential customers 1 of 19 define secondary research research which has previously been collected for another purpose 2 of 19 define primary research gathering new information e.g.- using questionnaire 3 of 19 benefits for small businesses using market research learning customers needs, estimating likely demand and finding competitions location, products and prices 4 of 19 define product service or good being sold by a company 5 of 19 define product range collective term given to all product made or sold by a business 6 of 19 define product differentiation attempting to make your products stand out from your rivals through design, brand image and advertising 7 of 19 define demand the quantity that consumers are willing and able to buy at the current price level 8 of 19 how do customers affect pricing lowering prices can increase demand however if made too low customers will think your products low quality 9 of 19 how do competitors affect chasing pricing competitor pricing is deciding the price based on what rivals charge 10 of 19 define marketing budgeting amount to spend on marketing and promotion over a certain period of time 11 of 19 three methods of promotion advertising, direct mail and word of mouth recommendation 12 of 19 advertising advantages and disadvantages eg-newspapers can be adjusted by size to fit budget but can still be expensive and not well targeted 13 of 19 word of mouth recommendation ad and dis free however business has no control over what people say 14 of 19 direct mail ad and dis cheap but often seen as junk mail and has low success rate 15 of 19 define channel of distrubtion metod to transfer goods or services from producer to final customers 16 of 19 define ecommerce transactions between businesses and people carried out on the internet 17 of 19 define retailers offer consumers a convenient and comfortable environment to buy products in 18 of 19 define wholesaler buy large quantities of a product from producers and break them down into more manageable batches for retailers or consumers. 19 of 19
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