market research

Question 1

what can it help to identify

Answer 1

size of the market and the market shares of diff businesses within the market

Question 2

benefits of segmentation

Answer 2

if a business know the different segments of a market they can identify their target market

they can then create a marketing strat to makes sure their marketing is effective

Question 3

give all the possible ways a business can be segmented

Answer 3

age
income
location
gender

Question 4

why is market research important

Answer 4

helps to understand customer and competitors, helping them to create a good marketing mix
better identify customer needs, so therefore more likely to satisfy them

causing them to increase sales
stay competitive
create targeted marketing

Question 5

primary

Answer 5

questionaires - phone surveys - interviewes

ad - more accurate and personalised info, up to date

disad - expensive, time consuming

Question 6

secondary

Answer 6

market research reports - government publications

ad - useful for looking at the whole market - cheaper - used by small businesses - quicker and easier to find

not always relevant, often out of date

Question 7

quantitative data

Answer 7

numbers

Question 8

qualitative data

Answer 8

feelings and opinions - tricky to compare 2 opinions but it will give a greater depth of info

good market research will use both