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management process of finding out what customers want and then making a product that will satisfy their needs and persuading them to buy it
what is market research
collecting, analysing and reporting information about marketing issues to enable the manager to make effective marketing decisions
what is field research
never been done before, primary research, collects new info directly from consumers, expensive, time consuming,
techniques for field research
- >consumer panel/focus group
what is desk research?
info that somone else has already found, inexpensive, may not exist, out of date
sources of desk research
- >internal reports
- >government publications
importance of market research
- >can save the business money
- >reduces the risk of failure
- >helps improve advertising
- >helps manager decide best price, packaging and design to use
define target market
specific segment within the overall market for a product that a business sets its sights on, chooses a particular segment to aim its product at
define niche market
narrowly defined group of potential customers within a market for a product or service.. customers not satisfied with mainstream products
what is market segmentation?
splitting the overall market into different groups
main ways to segment a market?
- >geographic segmentation
- >demographic segmentation
advantages of market segmentation:
- >establish a presence
- >increases sales
- >lowers marketing costs
what is the marketing concept?
customer is the most important person to the business
why is the marketing concept so important?
- >increased profits
- >better reputation
- >fewer returns and repairs
what are the steps involved in a marketing strategy?
- >investigate the market to develop business opportunities
- >select a target market
- >develop a marketing mix
define marketing strategy
written plan that sets out the business's marketing objectives and the means by which it will achieve these
benefits of a marketing plan
- >acts as a roadmap towards increased sales and profits
- >helps business to control its progression
- >to show to potential investors
anything that can be offered to satisfy a need or want
define product brand name
when a business gives its product a name and/or a symbol to make it easily identifiable and to make it stand out from its competitors products e.g. lacoste
why do businesses give products a brand name?
- >can charge higher price...increase profits
- >increases sales.. recognise brand and buy it straight away
- >brand loyalty
- >new products.. people more willing to try
- >bargaining tool... shops must stock their products because customers expect branded products
importance of packaging
- >protects product
- >gives an image to the product
- >used to make product convenient size
- >gives info about the product
- >method of advertising