Flashcards in 8 Marketing Deck (10):
Role of marketing definition
Management process of identifying,anticipating and satisfying customer requirement profitably
Role of marketing (3)
1.identify and understand customer needs
What is market research ?
How a business collects information on whether their products or services will be bought
Important so time , money and effort are not wasted
Primary research (field)
Collecting and analysing original informations don data that has been planned and collected first hand
Secondary Research (desk)
Use of data and information that has already been collected and published by someone else
Internal data ( own past records )
Newspapers and magazines
What is qualitative data ? (Open questions)
Collected when opinion is needed
Opinions can be difficult to collate but give good detail
What is quantitative data ? (Closed questions)
Related to facts and numbers
Easier that qualitative
What is market segmentation ?
How the market of a product or service is divided
Why would a business segment a market ?
~ target a particular group