Anticipate what customers want

Recognise demand

Stimulate interest from customers

Developing new products

Increase brand loyalty and awareness

Reduce waste by 5%

Reduce costs by 5%

Diversify into different markets

There are few opportunities for economies of scale

Prices tend to be high

Demand is usually high

Customers have specific requirements

Splitting customers up

Dividing the market according to specific consumer characteristics

Focusing on customers with one particular characteristic

Using demographics to separate a mass market

Cost of the campaign

Size and culture of the business

Ethical requirements of customers

Staff expertise

Technological factors, such as use of social media

Availability of finance

Political considerations, such as Brexit

Interest rates

Survey

Market reports

Focus groups

Census data

Loyalty card data about customers

Sales records

Government statistics

Trade journals

It refers to the age and relevance of the research

It looks at the value of the pound against other currencies

It refers to whether research measures what it claims to be measuring

It measures whether the choice of research method is the right one for what you are trying to find out

Making sure that the right methods have been used to gather the data

Making sure that results are supported by multiple sources

Making sure that the sample size is large enough and representative of the target population

Making sure the data relates to the question you are trying to answer

The financial cost of making a choice

The time given up when you do something

The money you have to give up when you buy something

Benefit of the next best alternative given up when a choice is made

Same as bulk buying

Factors which cause average total costs to fall as output rises

Factors which cause average total costs to rise as output rises

Costs being lower for large businesses

Bulk buying

Employing accountants

Spreading the cost of advertising

Being considered a lower risk for banks to lend to

Revenue - Direct Costs

Revenue - Indirect Costs

Revenue - Total Costs

Revenue / Total Costs x 100

Revenue - Total Costs

Gross Profit - Indirect Costs

Revenue - Direct Costs

Gross Profit - Direct Costs