Marketing Flashcards
(18 cards)
What is primary market research
Is Data that is collected and done by a firm for its own use
What is secondary market research
The collection of date using research and information provided by others ( other people have found it )
What are example of primary secondary research
Questionnaire interviews trialling focus groups
What are the method of secondary research
Uk census date
Date from websites
Internal data
Data from newspapers and magazines
Whats an advantage of questionnaires
Whats a disadvantage of questionnaires
Cheap ro carry out
Easy to target customers
People may not understand the question
People may not be interested in the product so dishonest answers
Advantage of a focus group
Disadvantage of a focus group
The pioek chosen will be representative of potential customers
It will only be a small group
It is usually costly to carry out
Advantve of interviews
Disadvantage of interviews
The question can be explained
It is easy to target certain types of consumers
It is an expensive methof
Nor everybody likes being interviewed
Advantve of trialling
Disadvantage of trialling
A glkd way to see if the product is what people want
Reduces the risk involved in producing large quantities
The people or area tested must be representative of the total market
What is market segmentation
Splitting the market for a product of service into different parts or segmentation
What are the ways are segmenting the market
Age
Gender
Income
Lifestyle
Location
What are the 4ps
Place promotion product and price
What is the product life cycle
Introduction growth maturity decline
What is skimming pricing
A high price is charged for a new better product to make a large profit then the price is reduced when competitors products start to be sold
What is pentration pricing
A low price is charged for a new product to persuade customers to try it
The price will be increased when sales have grown
What is competitor pricing
A business looks at the prices charged by competitors before deciding its price
What is promotional pricing
The price is lowered to persuade customers to buy stock that remains or to but a product whose sales are slowing down
What is cost plus pricing
A cost of the product is calculated and then an amout of profit is added to decide the price
