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business revision part 1 (market research (segmentation is when you focus…
business revision part 1
market research
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business gains knoweldge of its demand so they know if they just increase or decrease pricing so that they can get more per sale or so they can get a higher demand
know what to highlight in terms of promotinal material and what promotional material they should use
marketing mix
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price: must be good value for money not neccarily cheap can add new features for making a product worth its price could expect people to pay alot for a new feature exlusive to a certain product of a certain brand
promotion promoted to keep potential customers interested and aware that product exists increases product life cycle
place it must be sold where it is convient for example selling spades and buckets at a beach goggles at swimming pools and petrol at road sides place also is inportant when factoring in the channel of distribution e.g if your a corner shop you want to be nearer to a whole saler to make restocking convient
types market research
primary research is when you collect data your self this can be done through focus groups as well as interviews/1 to 1 meetings primary research will always be relevant to your market research as you can ask the questions and therefore you get the exact informaiton you need
the disavdantage sof primary reaearch is that it is often time consuming to prepare and can be quite costly for the business that setrs them up
the advantages of primary research is that you can gain both qauntitive and qaulitive data that you know is accurate and up to date as well as it being relevant to your target research
secondary research is when you collect someone elses set of data e.g online can be a way to get someone elses data although there are other ways of gaining secondary data however online is the main method
advantrages
very cheap
not time consuming
disadvantages
data not kept to date sometimes
data not accurate sometimes
data irrelevant sometimes
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life extension is when you use a method to try and gain a profit from a product that is about to go into decline product will not make profit if the extension plan fails if it does work than more profit will be made from a certain product requires cash from other parts of a business which means if the life extension does not work hurts businesses have to balance investing money in new and old products
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