Market Research
Another word for Primary and Secondary Research
Field and Desk
What does the term USP stand for ?
Unique Selling Point
What is competitive pricing
Pricing your product based off what your rivals are charging. EG burger king, McDs
What is something a business must consider when setting a 'place' for their product?
shelf life, accessible to target market......
What is meant by the term promotion
Promotion is making customers aware of the product or brand in order to increase sales and brand loyalty
One example of desk research
looking online at old reports, stats, data, surveys, that have been collected by others
A tangible, physical item that specifically satisfies a consumers needs and wants
List two things a business must consider when setting a price for their product
cost of production, target market ability to pay, how much profit they wanna make,
List the 4 channels of distribution
manufacturer-wholesaler-retailer-consumer
manufacturer-wholesaler-consumer
manufacturer-consumer
manufacturer-retailer-consumer
How do businesses promote their product? 4 ways
advertising
sales promo
sponsorships
social media
celeb endorsement product placement
List three forms of field research
focus group, observation, surveys
List the 5 stages of the product lifecycle
intro, growth, maturity, saturation, decline
What is meant by premium pricing?
Charging a high price for a product to convey an air of luxury or exclusivity. EG Gucci, Canada Goose
What determines the channel of distribution selected
legal requirements
shelf life
image of product
Why do businesses use promotion (3 points)
make customers aware
launch a new product
increase sales of existing products
improve business image
list one advantage and disadvantage of both field and desk research
(1) field; up to date, guages real time reactions/facial expressions, reliable
expensive
(2) desk; quick, cheaper
unreliable, out of date, potentially untrustworthy
What stage of the product lifecycle would these be in ?
CDs
Newest iPhone
Coco Pops
Decline, Intro/growth, Saturation
What is meant by cost plus pricing?
Setting a price for a product/service based off what the product cost to manufacture, then adding a percentage markup.
List an example of manufacturer, retailer, wholesaler
farmer, tesco, musgraves
Give one example of product placement and celebrity endorsement
me and sir will decide if answers good enough
List 3 reasons why businesses engage in market research
reduce risk of failure, increase profits, gain better understanding of target market, find out target markets ability to pay
Describe, in terms of sales, what happens over the 5 stages of the product lifecycle.
Intro sales slow, Growth sales rapidly increase, maturity sales still increasing but slowing, saturation sales reach their peak, decline slowly decrease
What is peak load pricing?
Charging higher price for a product during a period of higher demand. Flights to Spain in summer
where is Mr. O Kelly from
Galway
what does the AIDA model stand for ?
ATTRACT attention
capture INTEREST
stimulate DESIRE
lead to ACTION