Elements of Market Research (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Define market research
Define market research
Systematic gathering, recording & analysing marketing info
Two functions of market research
Two functions of market research
Risk reduction & market understanding
S-N-C-P-F framework stands for
S-N-C-P-F framework stands for
Strengths, Needs, Consumer/competitor, Promotion, Future trends
Define target market
Define target market
Specific group of consumers with common needs & wants
Define niche market
Define niche market
Specialist market with small numbers of suppliers
Define market segmentation
Define market segmentation
Dividing market into identifiable sections with common traits
Demographic segmentation based on
Demographic segmentation based on
Age, income, gender & occupation
Geographic segmentation based on
Geographic segmentation based on
Different geographical areas or regions
Psychographic segmentation based on
Psychographic segmentation based on
Beliefs, attitudes, lifestyles & values
Three benefits of market segmentation
Three benefits of market segmentation
Increased sales, enhanced market share, reduced costs