Factors that make a market more competitive

• new products
• prices changes
• similar products
• location
• tax prices
• take overs
• overheads/ distribution costs
• imperfect market
• size of a market

What is the difference between qualitative and quantitative data?

Qualitative data is one that uses opinions. Quantitative data is numerical it can be quantified and verified and is can be altered to be used in statistical manipulation. Quantitative data defineswhereas qualitative data describes.

Confidence level

A measure of reliability of findings of primary research.

What is a sample?

Small number of people/ items which is meant to represent the target population.

Why do businesses conduct market research?

To find out about the market and customers needs and wants. What do the consumers like and dislike. How much are they prepared to pay for your service/ product? What are competitors prices and market leader?

The firms would use the information to focus customers needs so to get them interested and beat competitors, to be money-efficent, to increase market share, to find good place in market, identifies areas of opportunity, gap in the market, identifies demand, any change, pricing strategies, current trends, sends message to banks and lending organisations, isp, find target market.

Define what you understand by Primary & Secondary research? Outline examples of advantages and disadvantages for each.

Primary research - Field research
Involves gathering information for the 1st time.
-generally collect by a specialist research company.

MORE ACCURATE
MORE UP TO DATE
RELIABLE
MORE SPECIFIC
NO-ONE ELSE HAS IT
EXPENSIVE

COULD BE MORE TIME CONSUMING

NOT VARIED DATA

Secondary research- Desk research

Is researching through secondary data, e,g newspapers, internet. Involves gathering and analysing data that has already been gathered, can be from within firm or obtained outside. It is better for general trends. 

COMPETITORS CAN USE IT

CAN BE BIAS

CAN BE IRRELEVANT

CAN BE NOT UP-TO-DATE

LESS RELIABLE

CHEAPER

QUICKER

EASIER TO DO

Asset-led Marketing

(wiser choice) It looks for marketing opportunities --> match to firm's own strengths , it looks at the appropriate opportunities (given firms assets) e.g brand name, expertise, range.