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A LEVEL BUSINESS THEME 1 > 1.1.2 - Market Research > Flashcards

1.1.2 - Market Research Flashcards

1
Q

What is Product Orientation?

A
  • Selling what the business wants to produce
  • Business’ are only product orientated when they only look at the product or production process when deciding what to make next
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2
Q

What are 3 scenarios when Product Oreintation is appropriate ?

A
  • Little competition
  • Little consumer knowledge
  • Low disposable income of consumers
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3
Q

What Business is an example of being Product Orientated?

A

Apple

- that create what they can, no what consumers want as they don’t know what they want from new technology

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4
Q

What is Market Orientation?

A

Based on customer needs and wants

Consumer is the most important factor

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5
Q

What Business is an example of being Market Orientated?

A

ASDA - Chosen by you range

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6
Q

What is Primary Market Research?

A

Gathering NEW data, collecting data first hand

This information doesn’t exist yet

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7
Q

What are the 5 Primary Research Methods

A

Surveys / Questionnaires
- used to measure customer satisfaction
- qualitative & quantitative

Observation
- buyer behaviour

Interview
- measures reactions
- qualitative

Test Marketing
- launching the product in small part of the target market in order to gauge the viability of a product in the market prior to launch

Focus Group
- discuss feelings on a product/market , qualitative

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8
Q

What are some benefits to business of effective market research?

A
  • Reduce Risk
  • Understand consumer behaviour
  • Identify potential customers
  • Understand how much consumers will pay for a product
  • Quantify potential consumer demand for a product
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9
Q

What is Secondary research?

A

Gathering data which already exists

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10
Q

What are the 5 methods of Secondary Research?

A

Government Sources
- ONS is very useful demographic information and data on the market or industry that the business is in

Trade Publication
- Trade journals cater to a very specialist market , information on competitor activity

Reports

Internet Sources
- Useful for quick information

Newspapers/Magazines/ TV Radio

  • contain demographic profile of their audiences ( income,age,gender etc.. )
  • can have information about economic trends in local area
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11
Q

What is Qualitative Research?

A

Gathers and explores FEELINGS and THOUGHTS about a product from consumers

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12
Q

What is Quantitative research?

A

Gathering data and measuring responders, NUMERICAL data, large sample

Displayed in charts, graphs as statistics and percentages

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13
Q

What is Sampling?

A

The process of choosing the right people to be part of research

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14
Q

Why does the Sample Size needs to be large?

A

So that the data has STATISTICAL VALIDITY and can be useful for the business for decision making

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15
Q

What is Bias?

A

When research findings can’t be trusted because of the way the research has been carried out

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16
Q

What are 3 ways of Bias?

A
  • Interviewer Bias
  • Biased Questions - e.g. “ you really like shopping at co-op don’t you “
  • Respondent Bias - e.g. they already use a different product or work for a marketing company
17
Q

What are 3 uses of ICT to support market research?

A
  • Websites
  • Social Media - Twitter
  • Business Databases
18
Q

What is 1 Pro of Primary Research?

A
  • Design quantitative and qualitative questions tallied precisely to your needs
19
Q

What are 2 Cons of Primary Data ?

A
  • Likely time consuming ( as it doesn’t exist yet )
  • Likely expensive
20
Q

What are 2 Pros of Secondary Research?

A
  • Likely Quick/Instant
  • Likely cheaper to access research ( vs primary )
21
Q

What are 2 Cons of Secondary Research?

A
  • Competition will have access to same info
  • Research may be too broad or out of data
22
Q

What are 4 Pros of Quantitative Data

A
  • Easier to gather
  • Quicker to gather
  • Faster to analyse
  • Easier to make decision from
23
Q

What are 2 Cons of Quantitative Data?

A
  • Tends to have narrow/closed questions e.g. who/what/when
  • Unhelpful if you want to understand issue in depth
24
Q

What is 1 Pro to Qualitative Data?

A
  • Creates in depth data with the ‘ how ‘ and ‘ why ‘ to help understand issue in depth
25
Q

What are 3 Cons to Qualitative data?

A
  • Slower to gather
  • Difficult to analyse data
  • Harder to make Business decisions from
26
Q

What is Market Segmentation?

A

When potential customers are divided into different IDENTIFIABLE GROUP, where consumers SHARE one or more CHARACTERISTICS or needs

27
Q

What are 5 different ways a Market can be Segmented?

A

Gender
- offer altered products based on gender

Income
- segmented according to annual salary, type of job, social class. Identifying disposable incomes

Age
- each age group will have different wants and needs in terms of products & services

Location

  • a business may decide to sell a product in just one country, one region , rural or urban
    e. g. McDonalds - rice in Philippines

Lifestyle
- hobbies, interests, family situations. E.g. 2 different types of holidays

28
Q

What is Test Marketing ( Primary Research Method ) ?

A

Involves LAUNCHING the product in SMALL PART of the target market in order to GAGUE the VIABILITY

29
Q

How does the use of Websites support Market Research?

A
  • POP UPS - used to ask about products
  • Used to GATHER EMAIL ADDRESSES so customers can be SURVEYED later via email
30
Q

How does the use of Social Media - Twitter support Market Research ?

A
  • Searching for TRENDING HASHTAGS to see emerging trends
  • Searching a business name to find out quantitative information about consumer perceptions
  • However it can backfire, backlash
31
Q

How does the use of Business Databases help support market research?

A
  • Large supermarkets use all the data from their loyalty schemes to build huge customer databases
  • Information can be used to TARGET CUSTOMERS LIKELY TO BUY AT THE STORE

A LEVEL BUSINESS THEME 1 (23 decks)

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