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Definitions and Meanings

Topic 1.2 Spotting a business opportunity

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Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups.
Secondary research makes use of information previously researched for other purposes and publicly available.
How customers are divided, according to their different characteristics.
Marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four Ps: price, product, promotion, and place.
The natural life of a product or service
Market research is any organised effort to gather information about target markets or customers. It is a very important component of business strategy
Primary Research
Secondary Research
Market segments
Marketing Mix
Product life cycle
Market Research

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