MarketResearch thesystematicandobjective collectionanalysisandevaluationofinformation thatis
intended to assistthemarketingprocess
name definition Advantages Disadvantages
PRIMARY collectionofinformation specific thebusiness
for expens
RESEARCH gatheredfirsthand
for the
specificpurposeofthe
latest information
accessthephycology
of acustomer Itakes
riskofbias
time
business
examples SURVEY OBSERVATION PRODUCTTRIAL FOCUS GROUP EXPERIMENTATIO
SECONDARY Information thathasalready sometimesfree mightbeoutofdate
RESEARCH beencollected foradifferent basedon largesamples notspecifictothebusiness
purpose done already expensive
specifictoyourindustry containsonlypositiveinformatio
notalwaysreliable
examples GOVERNMENTSTATS SPECIALISTAGENCIES INDUSTRYMAGAZINES INTERNET INTERNALSOURCES
MarketMapping illustratestherange
of takeinamarketbasedontwodimensionsthat
positionsthataproductcan
areimportantto customers
Sampling Gatheringdatafroma groupofrespondentswhoseviewsorbehaviourshouldberepresentativeof
the
targetmarket as awhole
givesthepercentageprobabilitythatan rangeofpossiblevaluesinfact
Confidenceinterval estimated
includes theactualvaluebeingestimated usually 951
, Correlation strength of a relationship betweentwo variables
Extrapolation usespastdatatopredictfuturetrends
Name definition Advantages Disadvantages
morecustomers highlevelof competition
product toall highsales lowprofitmargins
MARIE Aiminga
market the highereconomies of scale ofvalue
can'taddlots
abletocapitaliseandbecomeworldwide needtocompeteonpriceor
lessrisk biggerpopulationofconsum differentiation
of
highlevel glocalisationneeded
to suitdifferentregions
canaddvalue chargemore notenoughcustomers
Targeting a productor lesscompetition likelytoattractcompetition ifsnc
NIKE service atasmallsegment higherprofitmargins vulnerabletomarketchanges
ofalargermarket onlyonetargetmarket lackofeconomiesofscale
riskofoverdependence on a
singleproduct
Marketing mix 7ps
1 Product 5 people
2 Price 6 process
3Place 7 Physical Environment
4 Promotion
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller arinashumova. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.47. You're not tied to anything after your purchase.
