test 4 Flashcards
(10 cards)
describe the activities involved in marketing.
carrying out market research in order to find out what customers want to buy
deciding on the right place to sell the products
deciding on the right price to charge for the products
developing and designing a product which meets customers wants and needs
deciding on the best methods of promotion for products.
describe market segmentation.
A market segment is a group of buyers with similar characteristics
identify examples of how to segment the market.
Age
Gender
Geographical Location
Lifestyle
Family size
Income
describe market research
Market research can be described as the gathering, recording and analysing of information about the possible market for a good or service
outline what needs to be found out using market research
if there is a gap in the market or scope for a new product
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
identify the two types of market research.
field research and desk research
describe field research
Field research is the gathering of information first hand directly from the public or consumer
outline the advantages of field research
information is gathered specific to your purpose
information is up-to-date
outline the disadvantages of field research.
it is more expensive to gather compares 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
