BZ Studies - Market Research

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Terms in this set (18)
Examples of primary researchQuestionnaires Interviews Consumer panels Observation ExperimentsExplain process of primary research1 identify purpose 2 decide on best method of research 3 decide on the size and type of sample 4 carry out the research 5 collate data and analyse results 6 produce a reportWhy results of sec research might not always be useful to a business1 info gathered might not be appropriate 2 might be out of date 3 may not be reliable/accurate 4 may not be representative of views generally 5 might already be knownpros & cons of questionnaire+ detailed qualitative data can be gathered + customer's opinions can be gathered - if questions are bad it could mislead customers - takes time and money to collate resultsProduct oriented businessFocuses on the quality and price of the product before finding a market for it to sell inObjectives of marketing deptIncrease sales revenue, profitability, market share Maintain/improve image of a product/company Target a new market/market segment Develop new products pr improve exisiting onesSWOT analysisA method to evaluate the statistics of a product of a business. It asseses: Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external)Marketing mixBlend of price, promotion, product, place designed to attract customers