3.3.2 and 3.3.3 bsuiness
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3.3.2 and 3.3.3 bsuiness - Leaderboard
3.3.2 and 3.3.3 bsuiness - Details
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| 🇬🇧 | 🇬🇧 |
| What are the 2 types of market research? | Primary and Secondary |
| What is primary marketing research? with examples.. | Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information Examples: Interviews (telephone or face-to-face) Surveys (online or mail) Questionnaires (online or mail) Focus groups Visits to competitors' locations |
| What is Secondary market research? with examples.. | Secondary research is a type of research that has already been compiled, gathered, organized and published by others. It includes reports and studies by government agencies, trade associations or other businesses in your industry. For small businesses with limited budgets, most research is typically secondary, because it can be obtained faster and more affordably than primary research. |
| What is the difference between quantitative and qualitative data? | Quantitative = Numerical value Qualitative = Descriptive relating to words or language |
| What is extrapolation? | The action of estimating or concluding something by assuming that existing trends will continue or a current method will remain applicable. |
| What is market mapping? | Market mapping is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market . It also allows a business to see who their competition will be and what other products and services are available in the same sector |
| What is market mapping and what is it used for? | Market mapping is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market . It also allows a business to see who their competition will be and what other products and services are available in the same sector |
| How do you calculate 3 year moving average of sales? | (Previous year + current year + following year)/3 |
| How do you calculate market and sales growth? | Find the percentage change from year 1 to year 2 |
| How do you calculate market share? | Total revenue earned as a percentage of total revenue in that market |
| How is sampling useful? | It helps to target the mass population in a single stroke and businesses can specify the appropriate area to target the precise kind of audience |
| What are confidence intervals and how are they used? with example | It helps to target the mass population in a single stroke and businesses can specify the appropriate area to target the precise kind of audience Example: A common confidence interval acceptable to management is 95%. This means that 19 out of 20 samples taken (95%) will give results that are representative of the overall population. Or to put it another way - 1 out of 20 (5%) are unrepresentative! |
| Why is correlation important? | The stronger the positive correlation, the more likely the stocks are to move in the same direction. Negative correlation indicates the stocks tend to move in the opposite direction of their mean |
| How does tech aid market data analysis? | They help companies learn from their own customers and processes |
| Howe is PED and IED useful? | Data is interpreted to show the impact of changes in price and income on revenue |
| How does PED affect marketing decision makers? | When a business is considering increasing or decreasing price, it is important to know what will be the resulting impact on its sales revenue |
| How does IED affect marketing decision makers? | How willing consumers are to pay higher prices, the income bracket of goods |
| What is market segmentation? | Identifying specific groups with similar wants/needs |
| What are the 4 different types of market segmentation with definitions and examples? | Demographic- Characteristics of people, Examples = Clothing brands Geographic- Geographic location, Examples = MC Donald's, Campsites, Morrisons Income group- Income and occupations, Examples = Gucci, Primark, Jewellers Behaviour- What customers do, Examples = Gym, Self-defence |
| What is niche marketing? | Focussing on small segment of much larger market |
| What is a mass market? | Selling into the largest part of the market |