Market research involves researching, analysing and recording what is happening in a market. It also involves analysing information that has already been gathered.
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Suggest two reasons why organisation carry out market research.
Market research is invaluable to any organisation because it provides a source of detailed data about a constantly evolving market, and helps the organisation to maintain competitive advantage.
2 of 19
Outline the two main types of market research.
Secondary information - older info gathered for another purpose from another source. Primary research - new info carried out specifically by the organisation to gather new info.
The organisation's product portfolio and the successfulnes of these products.
6 of 19
Suggest two advantages of branding.
Brand loyalty can be established. Higher prices can be charged. Brands are easily and quickly recognised. New products can be introduced successfully.
7 of 19
Identify two factors that will determine how much is charged for a product.
Uniqueness, target market, desired profit, production costs, market rate (what competitors charge), product lifecycle position
8 of 19
Decribe penetration pricing.
Price is set low in order to increase market share. Often used when a new product is initially launched to attract customers from competitors.
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What is a channel of distribution?
The route a product will follow to get from the manufacturer to the customer.
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What is a retailer?
A business that sells goods to customers.
11 of 19
Give two examples of retailers in Thurso.
Tesco, Coop, M&Co, Buttress's, The Factory Shop
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What is a wholesaler?
The link between the producer and retailer. Wholesalers buy in bulk from producers and breaks the product down into smaller quantities for retailers.
13 of 19
Suggest a benefit to the customer of direct selling via a website.
Up to date product information. Up to date availability information. Often lower prices, since there is no shop to pay for. Some websites allow customers to compare products. Convenient to order from home.
14 of 19
Define promotion.
Methods an organisation uses to make customers aware that a product exists and encourage them to buy it.
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Suggest a disadvantage to the customer of direct selling via a website.
Unable to handle or see product fully. Product takes time to arrive. Items may be lost or damaged in transit. No personal contact.
16 of 19
Define the term product endorsement.
Organisations pay celebrities to promote their products to the public.
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Suggest three methods of into the pipeline promotion.
Point of sale materials, sale or return, staff training, dealer loaders.
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Explain what is meant by public relations.
The relationship and communication between the general public and an organisation.
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Other cards in this set
Card 2
Front
Suggest two reasons why organisation carry out market research.
Back
Market research is invaluable to any organisation because it provides a source of detailed data about a constantly evolving market, and helps the organisation to maintain competitive advantage.
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