products are quite often specialized and sold by (smaller) businesses that would find it difficult to compete in a mass market

Sales promotions + advertising

questionnaires, online surveys, focus groups, interviews

Advantage: up to date, first-hand info, not available to others vs. disadvantage: can be expensive, not available right away

Bar chart, pie chart, line graph, tally chart, table etc.

Market segment: an identifiable subgroup of a whole market in which consumers have similar characteristics / preferences

When selling abroad --> local knowledge

Advantage: Total sales are high, Opportunities for growth, Spread out risks vs. high competition, high costs of advertising, standardized products

Cost-plus pricing: is the cost of manufacturing the product plus a profit mark-up.

Income, age, race, location, by use of product, gender

Advantage: producer can sell larger quantities, reduced distribution costs vs. Disadvantage: no direct contact, price often higher for consumers

Sales growth but slower, competition is intense, profits at its highest