1.1.2 Market Reseach Flashcards
what is market research
the systematic and objective collection ,analysis and evaluation of information that is intended to assist the marketing process
what is primary research
data collected first-hand for a specific research purpose
what is secondary research
data that already exists and which has been collected for a different purpose
what are 3 main sources of both primary and secoundary reseach
- observations
- postal surveys
- online surveys
what is a focus group
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
what can a survey be used to gather
- measure customer satisfaction
- quantitative and qualitative data
what are the main sources of secondary data
- competitor websites
- government departments
what are the benefits of primary research
- directly focused to research objective
- kept private ( not publicly available)
- more detailed insights (particularly into customer views)
what are the draw backs of primary research
- time consuming and costly
- risk of survey bias
- sampling may not be representative
what are the benefits of secondary research
- often free and easy to obtain
- good source of market insights
- quick to access and use
what are the drawbacks of secodary research
- can quickly become out of date
- not tailored to business needs
- specialist reports often quite expensive
what is quantitative research
concerned with data (numbers ) usually displayed on graphs
what is a + for qualitative research
the sample size is large therefore its more valid
what is a main method of quantitative research
surveys (e.g telephone, postal, face to face and online).
what is qualitative research
based on opinions, attitudes beliefs and intentional (usually in written format)
what is an aim for qualitative research
it aims to understand why customer may behave or respond to a certain product
what are some examples of qualitative data
- focus groups
- interviews
what are some benefits for qualitative research
- 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)
what are some drawbacks of qualitative research
- expensive to collect and analyse (requires specialist research skills)
- based around opinions (always risk that sample is not represented)
- difficult to present /analyse
what are some benefits for quantitative research
- data relatively easy to analyse
- numerical data provides insights into relevent trends
- can be compared with data other sources (e.g competitors history)
what are some drawbacks of quantitative research
- 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
