8.2 Methods of identifying potential customers

• Economie & Ondernemen
• Middelbare school
• havo
• Leerjaar 3

Marketing

Brand

Consumer sovereignty

Branding

Brand loyalty

the process of communicating relevant information in order to influence the behaviour of consumers in ways which will benefit an enterprise 

a name, symbol, logo and/or an image in customers’ minds that clearly distinguishes one product from another

the importance of changes in consumer preferences in determining the allocation of scarce resources in an economy 

the strategy of differentiating the products of one enterprise from those of another through emphasizing an identifiable image 

the tendency of some consumers to continue buying the same brand of goods rather than competing brands.

8.3. Methods of identifying potential customers

Todays lesson:

• Primary and secondary research
• Qualitative and quantitative data
• The effectiveness of market research for different enterprises

Make a list of NEEDS

Make a list of WANTS

How would you define wants and needs?

Primary & Secondary Research

Market research is the collection and analysis of information about a particular market (group of people)

This can be done in a variety of ways

Primary research

• First hand research
  
• Collection of data that does NOT already exist
  
• Sometimes called field research
  

Secondary research

• This is second hand research
  
• Makes effective use of information that already exists
  
• Sometimes called desk research
  
• Internal & external
  

1. Primary
2. Secondary

1. Primary
2. Secondary

1. Primary
2. Secondary

1. Primary
2. Secondary

1. Primary
2. Secondary

1. Primary
2. Secondary

1. Primary
2. Secondary

Research can be....

The effectiveness of market research for different enterprises

Each method has advantages & disadvantages when it comes to:

• Cost
  
• Availability
  
• Suitability for the enterprise
  
• Suitability for reaching the potential target market

Primary research is good for a new product, but tends to be more expensive. Secondary research can be out of date or not relevant

Independent work

• Learn the key terms for 8.3
• Complete the workbook tasks for 8.3
• Upload a copy of your completed work (at the end of the lesson) 

Upload evidence of your work for 8.3