marketing Flashcards
(12 cards)
what is the definition of market segmentation?
a market segment is a group of buyers with similar characteristics
what is the definition of field research?
this involves finding out information first hand(primary information) directly from the public/consumer
what are the advantages of field research?
information is gathered specific to your purpose
information is up to date
what are the disadvantages of field research?
it is more expensive to gather compared to desk research
it is more time consuming to gather compared to desk research
people may not always give truthful answers in response to questions
what is the definition of desk research?
this uses secondary information which is information which is already available ,either from inside the organisation or from outside
what are the advantages of desk research?
it is cheaper to access existing information rather than having to collect in formation from scratch
it is less time consuming to gather compared to field research
what are the disadvantages of desk research?
information may be out of date
information is available to our competitors
what are the five activities involved in marketing?
1.carrying out market research in order to find out what customers want to buy
2.deciding on the right place to sell the products
3.deciding on the best methods of promotion for products and making customers aware of the products
4.deciding on the right price to charge for the products
5.developing and designing a product which meets a customers needs and wants
what is the definition of market research?
Firms wishing to make good decisions need to have good information. One way of obtaining this information is through market research. There are various kinds of market research, and firms need to decide which method of market research will give them the information they require.
what can market research be defined as?
the gathering, recording and analysing of information about the possible market for a good or service.
what needs to be found out through market research?
If there is a gap in the market or scope for a new product.
If the individual is a potential or existing customer, and why.
Exactly what the customer wants or needs in the product eg special features.
What customers like or dislike about our product.
What effect a price change would have.
The type of advertising which might be beneficial to our firm.
How many of our products the customer will buy and how much they are prepared to pay for our product.
If new competitors are entering our market.
What our competitors are doing.
What the current trends/fashion changes are.
