Market Maps, Research and Segments – GCSE Business Studies Revision

Market Research

  • This is research a business carries out into its customers and its competitors to help it improve its products/services
  • There are different types of research:
  • Primary research is research that the business conducts and collects itself (surveys, questionnaires, interviews, etc.)
  • Secondary research is research conducted by someone else and published, which a business can look at (in books, on the internet, in the yellow pages, etc.)
  • Qualitative data is information about opinions and reasons
  • Quantitative data is information in number form

Market Maps

  • A market map is a sort of graph with businesses plotted on it, and axes for Price VS Quality
  • It is a visual means of comparing companies and allows you to see where they’re positioned in the market
  • It also allows you to locate gaps in the market
  • ‘Low Price High Quality’ and ‘High Price Low Quality’ are NOT gaps in the market because they’re impossible to profit from

Standing out

  • Making your product more noticeable than all the others is called product differentiation
  • This can be done in a variety of ways:
  • A strong brand image is important to get your products or services recognised
  • A USP, or Unique Selling Point is a characteristic of a product that makes it better than other products
  • Generally being more competitive also helps – having a better location, price or customer service department, for example… but making it clear

Market Segments

  • A market segment is a part of  a market that contains a group of people who buy the same stuff
  • A niche is a unique area of a market
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I like writing, filmmaking, programming and gaming, and prefer creating media to consuming it. On the topic of consumption, I'm also a big fan of eating.
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One Response to Market Maps, Research and Segments – GCSE Business Studies Revision

  1. Pingback: Starting a Business – GCSE Business Studies Revision | Matt's blog

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