The process of gathering, analysing and presenting data relevant to marketing
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Methods of market research for a small business
Telephone and other surveys, questionnaires, customer/supplier feedback, focus groups and internet research
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Primary Market Research
Involves gathering and analsying marketing data that has not been collected before
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Secondary Market Research
Involves gathering and analysing marketing data that has been collected already
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Limited budget (marketing)
A specific amount of funds allocated to spend on marketing & promotion over a specific period of time
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Target market
The groups of consumers aimed at by the business
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Marketing Mix
Refers to all the activities influencing whether or not a customer buys a product. The elements of the mix use the four Ps: Price, Product, Promotion and Place
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Price
The amount a product is sold for
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Demand
The quality that consumers are willing & able to buy at current price
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Cost
The monetary value needed to produce the good/service
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Promotion
Methods include: advertising in local newspapers/ yellow pages, th einternet, use of personal reccomendation, webiste, webiste banners/ pop-ups and business cards
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Competitive market
Being in a selection that has a large number of competitors selling similar items
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Product range
The collective term given to all th eproducts made or sold by a business
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Product differentiation
Attempting to make products stand out from rivals
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ICT
Information & communication technology. Inlcudes: email, internet
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ICT & International marketing
The use of e-commerce to advertise & sell products
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Other cards in this set
Card 2
Front
Telephone and other surveys, questionnaires, customer/supplier feedback, focus groups and internet research
Back
Methods of market research for a small business
Card 3
Front
Involves gathering and analsying marketing data that has not been collected before
Back
Card 4
Front
Involves gathering and analysing marketing data that has been collected already
Back
Card 5
Front
A specific amount of funds allocated to spend on marketing & promotion over a specific period of time
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