Topic 11.1 Flashcards
(7 cards)
What is marketing analysis?
Marketing analysis is the study of a specific part of a company’s business plan
What 4 parts are the marketing analysis?
Industry overview,
Target market
Competition,
Pricing and forecast
What should you always mention?
The influence of technology
How have surveys been facilitated by digital technology
Biometric methods of measuring response to stimuli such as TV commercials
Explore virtually the environment to provide feedback
Live video calling
QR codes for quick for people to do surveys and questions
Use social media to collect needed info
Why is observational research becoming more popular?
So that researchers can see what the customer does rather than what they say they do as otherwise it could bring inaccuracies.
What are the ways that data can be analysed
Online surveys can be linked to a software which automatically puts them into groups
Professional analyst can see the data and pick out the ones which will be the most relevant
Online retailers such as amazon can say which products get the most sold and provide predictive recommendations
Data can be taken from social media which can show the dislikes, likes and controversial views of millions of people.
This data can be grouped into any needed category such as age, sex and nationality.
What is the issue with the collecting of this data?
There are privacy concerns as a result, the government placed legislation and have updated social media company policies coming from coming into force.
