Understanding Markets and Customers
Explore the methods of primary and secondary market research and the principles of market segmentation. Students will also examine the concept of price elasticity of demand and its impact on revenue.
About This Topic
Explore the methods of primary and secondary market research and the principles of market segmentation. Students will also examine the concept of price elasticity of demand and its impact on revenue.
Key Questions
- What is the difference between primary and secondary research?
- How does market segmentation work?
- Why is price elasticity of demand crucial?
More in Decision Making to Improve Marketing Performance
Setting Marketing Objectives
Understand how marketing objectives like market share and brand loyalty align with overall corporate goals. Students will evaluate the importance of setting clear, measurable marketing targets.
2 methodologies
The Marketing Mix
Investigate the 7Ps of the marketing mix and how they are integrated to create a cohesive marketing strategy. Students will analyse how the product life cycle influences pricing and promotional decisions.
2 methodologies