Business Marketing Aim B
Define Marketing Intelligence
is gathering data from different sources which is analysed and evaluated to identify trends.
Define Market Research
Systematic gathering recording and analysis of data about issues relating to marketing products and services.
What is the aim of Market Research
To launch a successful marketing campagin a business needs to be sure they are marketing their products to the right people.
Identifying size in the market
Does the campaign need to attract a mass or niche market?
Identifying structure in a market
The demographic of your customers which will help define where to advertise. e.g. sociol media for younger customers.
Identifying trends when marketing
knowing how, when and by what means customers are likely to buy your products based on pervious performance is used when planning a marketing campign.
Define Primary Research
Primary research is gathering information that has not been collected before. Collected both internally/externally.
Example of External Primary Methods
- Questionnaires & surveys
-Interviews
- Mystery shoppers
-Freebies
Advantages of questionnaires & surveys.
1. Feedback
2. Easily sent online
3. Cost effective
Disadvantages of Questionnaires & Surveys
1. Limited Response options
2. May not be answered
Advantages of Interviews
1. Constructive feedback
2. More personal
Disadvantags of Interviews
1. Time consuming
2. Interviewer bias
Advantages of Freebies
1. Stimulate purchases
2. Satisfies customer
3. Promotes products
Disadvantages of Freebies
1. Lose of profit
2. No guarantee on return
Define Qualitative Data
Data about opinions and attitudes. Actual words used to descrbie opinion of the business product.
Define Quantative Data
Data that can be expressed as numbers or statistics e.g. pie charts.
Why are Primary/Secondary research methods important.
1. Weather they needs to increase/decrease price
2. Weather the business needs to advertise more
3. If business needs to change/improve products
4. Weather business needs to target a new market