learning aim B (Marketing~).

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  • Created by: jhaque19
  • Created on: 26-04-17 16:28
What is market research?
- Market Research is gathering information about customers, competitors by collecting PRIMARY and SECONDARY data. - This information helps a business make decisions.
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What is primary data?
- Primary data is original data found from CUSTOMERS or CONSUMERS. - Examples of primary data are: - Interviews - Questionnaires
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What is secondary data?
- Secondary data is data that already exists. - It is also known as desk research. - Example of secondary data are: - Newspaper reports - Trade journals.
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What is quantitative data?
- Quantitative data is NUMBERS. - Example of quantitative data is:-sales figures
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What is qualitative data?
- Qualitative data is OPINIONS - Examples of qualitative data are: - Interviews - Customer surveys
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Why should you conduct a market research?
- To identify TARGET MARKETS (such as a MARKET SEGMENT, group of customers in a market who have similar taste.) -To identify COMPETITOR ACTIVITY ( can be done by checking their websites and identifying their STRENGTHS and WEAKNESSES.) - To understan
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Identify two benefits to a business of identifying its target market and profiling its target customers.
1.) Product or service offered can be tailored to meet the needs of those customers. 2.) Promotions and advertisements can be targeted at specific groups
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What are identify areas of interest and gaps in the market?
- AREA OF INTEREST are products and services customers wants to buy. - A GAP IN THE MARKET is a customer need that is not yet met by other businesses.
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What is benchmarking and how do businesses use this against competitors?
- Benchmarking means checking how the business is performing and comparing with other businesses. - For example, COCA COLA & PEPSI – both of these companies sell fizzy drinks. They both want to have a unique taste as well as the highest market share
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Give examples of SITUATIONAL ANALYSIS.
-PESTLE ANALYSIS & SWOT ANALYSIS. - SWOT and PESTLE ANALYSIS shows how the business is performing in the current market.
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What is PESTLE ANALYSIS?
P – olitical E – conomical S – ocial T – echnological L – egal E - nironmental
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What is SWOT ANALYSIS?
S – trength, in the business. W – eaknesses, in the business. O – ppurtunities, in the market T – hreats, in the market.
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What are the benefits of using situational analysis when making marketing decisions?
Enables marketing decisions to be made on facts and not guesswork. It also enables the marketing plan to focus on building the strengths and removing the weaknesses .
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What is the purpose of research and analysis of a market?
The purpose of market research is to gather data on customers and potential customers. The collected data aids business decision making therefore reduces the risks involved in making these decisions.
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How do you identify target markets and a gap in the market?
- This is the market the businesses aims to supply by finding a gap in what it current. - A market segment: group of customers in a market who have similar needs. - Many businesses build a profile of the target customers: - age - income - lifestyle
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Card 2

Front

What is primary data?

Back

- Primary data is original data found from CUSTOMERS or CONSUMERS. - Examples of primary data are: - Interviews - Questionnaires

Card 3

Front

What is secondary data?

Back

Preview of the front of card 3

Card 4

Front

What is quantitative data?

Back

Preview of the front of card 4

Card 5

Front

What is qualitative data?

Back

Preview of the front of card 5
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