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Business > 11 Market Research > Flashcards

11 Market Research Flashcards

1
Q

What is market research?

A

it is gathering, analysing, and interpreting info about a market.

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2
Q

What are the 2 types of businesses?

A
  1. product-oriented business

2. Market-oriented business

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3
Q

What is a product-oriented business?

A

a business that makes a product then 🔍 for a market to sell it in.

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4
Q

What do these businesses usually produce?

A

basic necessities like agricultural tools.

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5
Q

What might be a dis for product-oriented business?

A
  1. it’s 📦 may not sell

2. hard to advertise

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6
Q

What is a market-oriented business?

A

a business that does market🔍 before making 📦.

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7
Q

What is the marketing budget?

A

an amount 💰 that the marketing department is allowed to spend on marketing a product/ product range.

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8
Q

Why are Market-oriented businesses have a better chance of survival?

A
  1. they adapt quickly to market changes

2. they take opportunities to arise

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9
Q

Why is it not common to find a product-oriented business?

A

because businesses can’t usually afford to make 📦 & hope it will sell

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10
Q

What are the types of info do you get from market research?

A
  1. qualitative

2. quantitative

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11
Q

How are theses info gotten?

A

by doing primary research/secondary research

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12
Q

What is primary research(field research)?

A

it is collecting the data directly from potential/existing customer.

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13
Q

What are the general adv for primary research?

A
  1. up to date
  2. first hand
  3. most effective when 🔎 for a solution for a specific prob.
  4. not available to other businesses (unless they do their own re🔎)
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14
Q

What are the dis of primary research?

A
  1. time-consuming

2. costly

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15
Q

What are ways of doing primary research?

A
  1. questionnaires
  2. online surveys
  3. interviews
  4. focus groups
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16
Q

What are the procedures taken in primary research?

A
  1. know why the research is done
  2. method of doing the research
  3. size of sample & who will be asked
  4. do the research
  5. collate and analyse the data
  6. produce a report of the findings
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17
Q

What are the adv of questionnaires?

A
  1. can be done online - online surveys
  2. customers’ opinion can be obtained
  3. qualitative info about the product can be obtained
  4. vouchers can be given to encourage participating in questionnaires
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18
Q

What are the dis of questionnaires?

A
  1. expensive
  2. takes time to collate and analyse
  3. if q are not well framed, misleading info can be gotten
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19
Q

What are the adv of online surveys?

A
  1. they can be analysed quickly using IT tools
  2. they are way cheaper than any other method of research
  3. easy for participant to fill
  4. fast response time
20
Q

What are dis of online surveys?

A
  1. can’t reach to customers with no internet connection
  2. scope for fraud
  3. no interviewer to explain open-ended q and to ask follow-up q.
21
Q

What are the adv of interviews?

A
  1. detailed info about the customer likes and dislikes of the product can be obtained
  2. interviewer to explain any q the interviewee did not understand
22
Q

What are dis of interviews?

A
  1. time-consuming
  2. expensive
  3. interviewer can make the interviewee ans in a certain manner leading to false info
23
Q

What are adv of focus groups?

A
  1. customer taste can be known
  2. discussion between group members lead to the business understanding reason for people opinion.
  3. quicker and cheaper than individual interview
24
Q

What are dis of focus groups?

A
  1. expensive/time-consuming if specialist agency is supervising it
  2. some people may be dominated by others so experimenting the product may be required
25
Q

What is a sample?

A

a group of people selected to ans market research.

26
Q

What is random sample?

A

choosing random people to ans the market research.

27
Q

What is an adv of random sample?

A

everyone has an equal chance of being chosen

28
Q

what is the dis of random sample?

A

not everyone chosen is interested in buying the product.

29
Q

What is a quota sample?

A

choosing specific people with specific characteristics(income/gender/age) to ans market research.

30
Q

What are the adv of secondary research?

A
  1. quicker
  2. cheaper
  3. help access the total size of a market
31
Q

how does secondary research help access the total size of a market?

A

by finding out the size of the population and age group.

32
Q

What are dis of secondary research?

A
  1. data might not be irrelevant
  2. data might be outdated
  3. it is available for all businesses
33
Q

how might the data be irrelevant in secondary research?

A

Because the data was originally collected for some other reason other than the business purpose.

34
Q

What are the 2 types of sources for secondary research?

A
  1. internal sources

2. external sources

35
Q

What are examples of internal sources?

A
  1. customer service dept.
  2. finance dept.
  3. sales dept. records
  4. opinion of distribution and public relation personnel
36
Q

What are examples of external sources?

A
  1. Government records
  2. newspapers
  3. trade associations
  4. Market research agency
  5. online sources
37
Q

what is the adv of using a market agency?

A

very detailed info

38
Q

What is the dis of using a market research agency?

A

it is expensive

39
Q

What are dis of online sources?

A
  1. not always reliable

2. can be outdated

40
Q

What are the factors that influence the accuracy of market research?

A
  1. how the sample was chosen
  2. the way ques are framed
  3. the sample selected.
  4. size of sample
  5. bias
  6. wording of the ques.
  7. age of info
  8. who carried out the research
41
Q

Why the way the ques are framed is important?

A

to ensure honest ans.

42
Q

which type of sample should be used to get accurate results?

A

quota sample

43
Q

Why is the size of sample important?

A

because if the sample is too small, you won’t get accurate info & and if the sample is too big it would be expensive.

44
Q

how does the bias affect the accuracy of info?

A

important info might be deliberately hidden.

45
Q

how to ensure that your ques are easy to understand and will give accurate results?

A

by trying them on a small sample first, change any ques if needed then, apply them on the real sample.

Business (4 decks)

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