Marketing/ Market Research
Market Research is finding out what your target market/customers would like and want as a product of your business.
Primary Research is when you find the research out yourself like doing surveys, interviews and questionnaires, all made by you.
Secondary Research is when you find out information that is already done. this can be done by searching the internet or others work. its not your own research.
Marketing Mix is the 4 p's -Price -Promotion -Product -Place. the balance of all 4 is key!
What Customers Want?
Customers want good quality product, good customer service, a reasonable price for the product.
What Is The Market Like?
The market is all about competition, in certain profitable areas there is a lot of competition between different companys.
Pros and Cons of Primary Research
PROS; Primary Research is reliable as you know you have done it yourself.
CONS; Primary Research is unreliable because it takes time to do and also can cost you money.
Pros and Cons of Secondary Research
PROS; Secondary Research can be quicker than primary.
CONS; Secondary Research can be unreliable as it could be unreliable and also be out of date.
Market Research affects Marketing Mix?
Yes it does! because meeting customer needs and wants can increase the quality of your marketing mix and profit.