Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Unlock Business Success: 5 Essential Purposes Of Market Research Revealed

Word Count Emoji
639 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

Why do businesses LOVE market research? ๐Ÿค”

  • ๐Ÿง Understanding the Audience

    • Goal: Identify what consumers need, want, and how satisfied they are.
    • Real-world example: Imagine you run "FizzBuzz Soda Co." ๐Ÿฅค. By doing market research, you can find out who loves sipping your fizzy drinks and if there's a sudden craze for your new cherry flavor in summer!
  • ๐Ÿ”ฎ Crystal Ball Gazing

    • Goal: Predict future trends and events.
    • Real-world example: Let's say experts warn of an upcoming "Wallet Squeeze" (aka recession). Knowing this, businesses can predict that people might tighten their belts and spend less. So, maybe it's a good time for "BudgetBuddy Retail" to offer discounts!
  • ๐Ÿšซ Oops Prevention

    • Goal: Reduce the chances of a new product flopping.
    • Real-world example: Nobody wants to launch a chocolate-flavored toothpaste (or do they? ๐Ÿคจ). Market research can save companies from such quirky disasters by understanding consumer likes and dislikes.
  • ๐Ÿ“ Measuring Success (or Oopsies)

    • Goal: Check how effective a marketing strategy really is.
    • Real-world example: "Sporty Shoe Shack" starts selling their sneakers using the slogan "Fly without Wings". If sales go up, hurray! ๐ŸŽ‰ If not, back to the drawing board.
  • ๐Ÿ”ญ Keeping Eyes Peeled

    • Goal: Stay updated with the latest market happenings.
    • Real-world example: Big tech giants, like "TechTitan Corp", spend BIG on R&D. Why? They want to be the first to launch the coolest gadgets and get the edge!

Market research = business detective work ๐Ÿ•ต๏ธโ€โ™‚๏ธ

Main Idea: It's about gathering all the clues (information) about the market. The mission? Finding ways to be successful, boost sales, charm the target audience, and be the top dog in the market!

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 ๐ŸŒŸ

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IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Unlock Business Success: 5 Essential Purposes Of Market Research Revealed

Word Count Emoji
639 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

Why do businesses LOVE market research? ๐Ÿค”

  • ๐Ÿง Understanding the Audience

    • Goal: Identify what consumers need, want, and how satisfied they are.
    • Real-world example: Imagine you run "FizzBuzz Soda Co." ๐Ÿฅค. By doing market research, you can find out who loves sipping your fizzy drinks and if there's a sudden craze for your new cherry flavor in summer!
  • ๐Ÿ”ฎ Crystal Ball Gazing

    • Goal: Predict future trends and events.
    • Real-world example: Let's say experts warn of an upcoming "Wallet Squeeze" (aka recession). Knowing this, businesses can predict that people might tighten their belts and spend less. So, maybe it's a good time for "BudgetBuddy Retail" to offer discounts!
  • ๐Ÿšซ Oops Prevention

    • Goal: Reduce the chances of a new product flopping.
    • Real-world example: Nobody wants to launch a chocolate-flavored toothpaste (or do they? ๐Ÿคจ). Market research can save companies from such quirky disasters by understanding consumer likes and dislikes.
  • ๐Ÿ“ Measuring Success (or Oopsies)

    • Goal: Check how effective a marketing strategy really is.
    • Real-world example: "Sporty Shoe Shack" starts selling their sneakers using the slogan "Fly without Wings". If sales go up, hurray! ๐ŸŽ‰ If not, back to the drawing board.
  • ๐Ÿ”ญ Keeping Eyes Peeled

    • Goal: Stay updated with the latest market happenings.
    • Real-world example: Big tech giants, like "TechTitan Corp", spend BIG on R&D. Why? They want to be the first to launch the coolest gadgets and get the edge!

Market research = business detective work ๐Ÿ•ต๏ธโ€โ™‚๏ธ

Main Idea: It's about gathering all the clues (information) about the market. The mission? Finding ways to be successful, boost sales, charm the target audience, and be the top dog in the market!

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 ๐ŸŒŸ