Market research and Customers 3.3.2

Kieran Horswell
Mind Map by Kieran Horswell, updated more than 1 year ago
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3.3.2
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Market research and Customers 3.3.2
1 MARKETING DATA
1.1 TIME SERIES ANALYSIS
1.1.1 Trends
1.1.1.1 Long term movement of a variable.
1.1.2 Seasonal
1.1.2.1 Fluctuations repeat on a regular basis
1.1.3 Random
1.1.3.1 Fluctuations with no pattern to them suchas war
1.2 EXTRAPOLATION
1.2.1 Is used to predict e.g Future sales
1.2.2 Relies on past trends and is most useful in stable enviroments
1.3 CORRELATION
1.3.1 Measures how closely two variables are related
1.3.2 Remember one doesn't always cause the other
2 MARKET RESEARCH
2.1 PRIMARY
2.1.1 Questionnaires, interviews, surveys and focus groups.
2.1.2 Exclusive to the business that searched it.
2.1.3 Uses sampling
2.1.4 Test marketing
2.1.5 Labour intensive and expensive.
2.2 SECONDARY
2.2.1 Internal source
2.2.1.1 Loyalty cards.
2.2.1.2 Financial accounts
2.2.1.3 Stock records.
2.2.2 External sources
2.2.2.1 Government publications
2.2.2.2 Pressure groups
2.2.2.3 Trade magazines.
2.2.3 Cheap, easy & fast
2.3 QUANTITATIVE
2.3.1 Numerical statistics
2.3.2 Facts and figures
2.3.3 Info discovered through records and closed questions.
2.4 QUALITATIVE
2.4.1 Feelings and motivations
2.4.2 Info discovered through focus groups
3 ELASTICITY OF DEMAND
3.1 ELASTICITY HELPS A BUSINESS MAKE CHOICES
3.1.1 PRICE ELASTICITY
3.1.1.1 shows how demand changes with price.
3.1.1.2 Help business to decide whether to raise or lower price of product
3.1.1.3 PED = % in quantity demanded/ % change in price.
3.1.2 INCOME ELASTICITY
3.1.2.1 shows how demand changes with consumer income
3.1.2.2 Positive Income elasticity
3.1.2.2.1 less than 1
3.1.2.2.1.1 as income rises so does demand - but at a slower rate than the rise in income.
3.1.2.3 YED= % change in quantity demanded/% in real income
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