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Marketing (pt. 1) (Market research (Definitions (Secondary Research (Data…

- - - - Data from alternate resources
        
        e.g. census data, websites, internal data and newspapers
    - - Data based on opinions of those asked
    - - Data collected first hand
    - - Data based on facts and numbers
    - - The group of customers who a business aims to sell products to
  - - - Cheaper than interviews
      - Easily target certain people
    - - Difficult to predict how many will be filled out
      - People may not understand the questions
  - - - Questions can be explained
      - Customers can be easily rageted
    - - Expensive
      - Customers may feel uncomfortable/intimidated
  - - - Save money before making products widely available
    - - Costly to set up
  - - - Data is accurate to the market
    - - Only small groups take part
- - - - The collection of data to help a business make decisions.
    - - Finding the needs of customers and demonstrating how a business fulfils those needs in order to increase sales.
  - - - Introduce a model that will appeal to more customers
        
        Increase the range of products or services available
        
        Reducing the price to sell more products
        
        Selling the product in different countries to target a wider range of customers
        
        Selling by different methods i.e. Online or offering digital distribution
- - - - Surfboard =/ Oxford
    - - Expensive food =/ Inferior goods
    - - £1000 Watch =/ Bin men
    - - Pink =/ Boys
    - - iPhone X =/ 90 year old man