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Marketing Decisions - 3 (interpreting market data (confidence intervals…

- - - - planning
        
        'marketing mix'
- - - - percentage growth in sales
  - - - increase market share = compare to competitors
  - - - social media = allows business and customers to interact
- - - - local
      - national
      - international
    - - physical shops
    - - agricultural
      - technological
    - - seasonal
      - all year round
    - - new
      - growing
      - saturated
- - - - looks into feelings and motivations of consumers
      - uses focus groups
      - use open questions
    - - numerical statistics
      - closed questions
    - - questionnaires, interviews, surveys, focus groups
      - test marketing = launch product in one area and test sales and customer response before regional launch
      - use sampling to make predictions about the whole market
      - primary data or new product or advert - no existing data available
      - specific = good or niche markets
      - exclusive to business who researched it = competitors cant benefit from it
      - labour intensive, expensive, time consuming
    - - internal sources of secondary data = loyalty cards, feedback, financial accounts, records
      - external sources = government publications, marketing agency reports, pressure groups, trade magazines
      - easy, fast, cheap
      - might be unsuitable as its not specific
      - errors or out dated
      - used to get an initial understanding of a market
- - - - trends = long term movement of a variable
        
        seasonal fluctuations = repeat on a regular basis
        
        random fluctuations = no pattern to them
  - - - indicate how sure you are that the value for the population lies within the confidence interval
        
        95% confidence level = 95% certain that your confidence interval contains the value for the population
  - - - helps make sure that promotions are targeting the right people
    - - disadv: expensive, training required, dependant on internet - unreliable
- - - - niche marketing
    - - mass market