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Decision making to improve market performance (Primary research info…
Decision making to improve market performance
Primary research
info gathered first hand, specific purpose, more dept views, loyalty cards, test marketing, obeservation, up to date, costly, time-consuming
Secondary Research
gov publication, industry report and search, newspapers, quicker cheaper, not accurate
Qualitative Research
peoples views and opinions, how they feel about the product and why
Quantative Research
numerical and statistics, closed questions
Random
equal chance, mass appeal, not unplanned, choosing and finding accurate list from sample, ICT used, hard keep it random
Quota
sample is chosen with aim of representing overall population, quick and cheaper to do, cannot predict behaviour of whole population accurately
Stratified Sampling
group randomly selected before survey, suitable
Market Mapping
analyse markets by looking at features that distinguish different products and services
Correlation
strengths of relationships between two variables and how they are related
Confidence Intervals
no estimated data is 100% true, help business understand how reliable estimate is and how confident they can act on it
Test Marketing
replicating elements of product launch, promo, distribution and price, geographical region
Exploration
using patterns in past data to predict, help plan production, staff levels, marketing and set targets
Price Elasticity of Demand
% change in quantity demand
divided by
% change in price
Elastic goods
greater than 1, demand will change with price change
Inelastic goods
less than 1, demand unresponsive to change in price
Unitary elasticity
elasticity of 1, any price change is cancelled out by demand chance
Market Segmentation
dividing a market into parts that reflect different customers wants and needs
Income Elasticty of Demand
degree which demand will change in response to change in consumer income
Above the line
media paper magazines
Below the line
sponsorship, public relations, brand loyalty, persuade customer