Market research is when a couple of representitives go out and assimilate information for their company from the public to see if they should launch any new products or make improvements to their products.
Primary Research is when you to physically go out yourself and gather information. Most people wouldn't do this because it takes a lot more effort and time and is a lot more expensive.
Secondary Research is also known as desk research. this is when you just have to search online for anytime of research. This is less effort, less expensive however the data might be out of date or very unaccurate.
Marketing Mix is when a brand brings out different types of products rather than just one. For example, Apple have a variety of products such as the: iPhone, iPad and iPod iMac and Macbook. This is one of the best ways to maximise profit and get a very good name.
What Do Customers Want?
When purchasing a product, a customer looks for Quality and Good features in a product. This is because customers want something that they are able to show off to their friends and be proud of it. However, money can be a big issue. Every one wants something unique and amazing however for the cheapest price that they can get and that can be very, very hard sometimes.
What Is The Market Like?
Nobody knows how the market changes so launching a new product can be very risky. at the moment, there is not much demand however there is a lot of competition and everyone is producing next gen products.