a sample and a confidence level

sample= chosen selection of population used for an investigation
confidence level= Statistics a measure of the reliability of a result

Qualative and quantative data

Quantative: stats insight

Qualative: gives an insight to the opinions of people and what people are concerned with, with the wuality of the options

why do business' conduct market research

- aware of demands of target research
- able to research competitor to gain a sturdy place in the market

Primary and secondary research advantadges and disadvantages

primary= new resarch first hand, could be collected from firm or collected by specialisy companys.
advantadges
first hand
more specific
reactions
cheap
reliable

disadvantage
if another company helps they will be aware of the information and have acess


secondary= information thats already been collected within firm or outside firm.

advantages
reliable
cheap
accurate

dis

not up to date
everyone uses the same information
not unique no research

Niche and mass markets

Niche
In niche marketing the company concentrates on small target market. The reason to do this is the company has low capital, low costs, have highly specialization, and the characteristics of target market needs customize and specialize products or services. The advantages of niche market is become specialize and has strong brand image.

Mass
Mass marketing strategy trying to reach market in greater areas by using single marketing strategy. The Advantages of this strategy is in terms of low cost in production costs and tends to masters market monopolistic ally. Another advantage of this strategy is producer can close all markets from competitor.

What is a market segment, and how do these impact on business'?

A market segment is an identifiable group with simular needs and wants within a market. Examples of how to define a segment:
age- products aimed at certain age groups
Gender- Differ for different genders
Income- produce goods for different levels of income eg pricing
Socio Economic groupings- segmenting people on income
Usage rate- Firms distinguish between heavy users nd not eg. smoking
Ourchse occasions- Producers have tried to increase the numberof purchase occasions to buy cards etc.

These impact business as it helps disiguish and identify the target audience and match to the demands needs and wants of the consumer

Why would a business want to enter a growing market?

- gain sales
-more chance of sucess
- Higher demand
- Less competition
- Profits made
-Less chance of failure
- Benefit from economies of sales
-Room for expanison