Internet sites, government statistics, market reports, sales data, newspapers
9 of 20
Give three benefits of using primary research
More up to date, more accurate, effective at collecting qualitative data, specific to what they need
10 of 20
Give three benefits of using secondary research
more general, less time consuming, effective at collecting quantitative data.
11 of 20
What are the two types of data? Define them.
Qualitative Data- word data e.g. opinions and judgments; Quantitative Data- data that can be expressed as numbers e.g. statistics
12 of 20
Define market segment. Give three examples of different market segments
A market segment is a group of people with similar buying habits. e.g. age, gender, lifestyle, income
13 of 20
Define market mapping
A diagram that can be used to compare which products are in different markets and help a business to identify where customer needs aren't being met and thus a gap in the market.
14 of 20
Give three examples of ways that a business may compete with other businesses.
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