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Marketing ; Introduction and Market Research

Terms in this set (37)

What is marketing
Is the business processes that are used to understand, anticipate and satisfy customer needs and wants both now and in the future
Marketing causes a business to;
1 Conduct market research
2 Develop a marketing strategy and marketing plan
3 Formulate the marketing mix
Target Market
Is a specific group of consumers wo have common needs and wants. The business aims its products and services at this markets, Once a business has segmented the market, it can can identify the target market
Marketing concept
This ensures that the business always focuses on the needs of customers first before it develops a product or service
Market research
The process of gathering, recording and analysing information about a target market to satisfy the customer needs. It is used by the business to identify trends and
Reasons for conducting market research
To find out the size of the market, To identify competitors, To find out customers needs and wants, To identify trends
Types of Market research
Secondary, Primary(Field)
Secondary research definition
Involves gathering and reviewing existing information that has already been collected by others. It consists of looking through reports, files and the internet, and is usually carried out at a computer or desk
Types of secondary research
Business reports, Government publications, Internet, Commercial research agencies,
Business Reports (secondary reseach)
Business' can use reports created by other organizations to increase their knowledge of competitors or markets eg competitors annual reports
Government Publications (secondary research)
Provide useful information to businesses about markets, both at home and abroad, eg the census from the central statistics office and enterprise Ireland's reports on export markets
Internet (secondary research)
Businesses can use this to carry out searches on search engines such as Google. They can also view websites, social media platforms and consumer forums to find out more information about the market
Commercial research agencies (secondary research)
These businesses conduct market research on a range of topics and markets, eg They often use a blend of telephone and online surveys to gather information. This information is then sold to businesses
Desk research advantages
Cheap, Faster than primary research, large volume of information
Disadvantages of desk research
Nonspecific, Outdated/inaccurate. Information overload. Competitors have equal access
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