1.1.2 Market Reseach

Question 1

what is market research

Answer 1

the systematic and objective collection ,analysis and evaluation of information that is intended to assist the marketing process

Question 2

what is primary research

Answer 2

data collected first-hand for a specific research purpose

Question 3

what is secondary research

Answer 3

data that already exists and which has been collected for a different purpose

Question 4

what are 3 main sources of both primary and secoundary reseach

Answer 4

• observations
• postal surveys
• online surveys

Question 5

what is a focus group

Answer 5

a foucus group is a form of qualitative research in which a group of people are asked about their perceptions and attitudes towards a product ,concept or packaging

Question 6

what can a survey be used to gather

Answer 6

• measure customer satisfaction

- quantitative and qualitative data

Question 7

what are the main sources of secondary data

Answer 7

• google
• competitor websites
• government departments

Question 8

what are the benefits of primary research

Answer 8

• directly focused to research objective
• kept private ( not publicly available)
• more detailed insights (particularly into customer views)

Question 9

what are the draw backs of primary research

Answer 9

• time consuming and costly
• risk of survey bias
• sampling may not be representative

Question 10

what are the benefits of secondary research

Answer 10

• often free and easy to obtain
• good source of market insights
• quick to access and use

Question 11

what are the drawbacks of secodary research

Answer 11

• can quickly become out of date
• not tailored to business needs
• specialist reports often quite expensive

Question 12

what is quantitative research

Answer 12

concerned with data (numbers ) usually displayed on graphs

Question 13

what is a + for qualitative research

Answer 13

the sample size is large therefore its more valid

Question 14

what is a main method of quantitative research

Answer 14

surveys (e.g telephone, postal, face to face and online).

Question 15

what is qualitative research

Answer 15

based on opinions, attitudes beliefs and intentional (usually in written format)

Question 16

what is an aim for qualitative research

Answer 16

it aims to understand why customer may behave or respond to a certain product

Question 17

what are some examples of qualitative data

Answer 17

• focus groups

- interviews

Question 18

what are some benefits for qualitative research

Answer 18

• essential for important new product development and launches
• focuses on understanding customers needs , wants and expectations
• can highlight issues that need addressing (e.g why customers may not buy)
• effective for testion new market mixes (e.g new brand, promotional campaigns)

Question 19

what are some drawbacks of qualitative research

Answer 19

• expensive to collect and analyse (requires specialist research skills)
• based around opinions (always risk that sample is not represented)
• difficult to present /analyse

Question 20

what are some benefits for quantitative research

Answer 20

• data relatively easy to analyse
• numerical data provides insights into relevent trends
• can be compared with data other sources (e.g competitors history)

Question 21

what are some drawbacks of quantitative research

Answer 21

• focuses on data rather than explaining why things happen
• doesn’t expalain the reason behind numerical trends
• may lack reliability if sample size and method is not valid