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4850278
Market Research
Description
AS - Level Business Studies (Theme 1) Mind Map on Market Research, created by Charlotte Summerly on 14/03/2016.
No tags specified
business studies
theme 1
as - level
Mind Map by
Charlotte Summerly
, updated more than 1 year ago
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Created by
Charlotte Summerly
almost 9 years ago
19
1
0
Resource summary
Market Research
Market Orientated
Organises its activities, products and services around the wants and the needs of its customers
Benefits; strong understanding of customer needs, newer products have a greater chance of success
Limitations; high research costs to understand customer needs
Product Orientated
Own primary focus on its product that is new and exciting
Benefits; encourages technical advantages, focus on quality and product
Limitations; doesn't recognise fashion and trends, may be no gap in market for the product
Primary Research
Research which is collected first hand
Benefits; reliable, not biased, up to date
Limitations; can be expensive, time consuming
Secondary Research
Using info that has previously been collected
Benefits; time saving, cheap, can choose from wide range of sources
Limitations; out of date, unreliable, invalid
Quantitative Data
Information based on numbers
Benefits; useful for large amounts of people, easy to analysis
Limitations; knowledge gained can be very general, not specific
Qualitative Data
Based on opinions and info is in more detail
Benefits; can study things in more depth, more detailed information
Limitations; very time consuming, it is difficult
Market Segmentation
A market segment is a group of customers who have similar wants and needs
Segment the market through age, gender, income and social class
Benefits; more successful, develop products that are more closely meet customer needs, aim promotions more at specific customers
Limitations; can be hard to reach customers segments, difficult in measuring and predicting consumer behaviour
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