Define market research.

• creating competitor profile

• developing marketing plan

• gathering information about consumers' needs and preferences.

• analysing key performance indicators

Key features of market research are

• Analysis of marketing data

• Positioning

• Collecting of marketing data

• Determining information needs

When determining information needs business has to figure out

• WHAT type of questions they will ask

• HOW many people will they approach

• WHY they want to do market research

• WHO they want to target

Primary source of collecting marketing data are

• Discussion with customers

• Survey

• Observation

• Focus groups

Secondary sources of collecting marketing data are

• Government statistics

• Sales data

• Journals

• Finance records

POSITIONING means

• positioning your product on a global market

• positioning your products in shop displays

• positioning your product on tops shelves at supermarkets

• positioning in a way that sets business apart from their competition

4 P's of marketing mix are

• Product, Position, Profit, Pattern

• Product, Price, Place, Promotion

• Place, Promotion, Profit, Process

• Price, Packaging, Performance, Production

PRODUCT refers to

• Physical store, online, distribution channels

• A strategy for promoting product to consumers

• Features, packaging, labeling, branding

• Cost of product - skim, penetration, psychological, premium/prestige

PRICE refers to

• Physical store, online, distribution channels

• A strategy for promoting product to consumers

• Features, packaging, labeling, branding

• Cost of product- skim, penetration, psychological, premium/prestige

PLACE refers to

• Physical store, online, distribution channels

• A strategy for promoting product to consumers

• Features, packaging, labeling, branding

• Cost of product- skim, penetration, psychological, premium/prestige