1.1.2 - Market Research Flashcards

1
Q

Define Product Orientation?

A

A business is product orientated when it only looks at the product or production process when deciding what to make next
- This means the business is inward looking

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2
Q

Define Market Orientation?

A

The customer is the most important factor when providing products for the market, the business has a sensitivity to customers requirements.
- A market orientated business will focus on the needs of the consumer.

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3
Q

Name the benefits to a business of effective market research?

A
  • Reduce Risk
  • Understand consumer behaviour
  • Quantify potential consumer demand for a product
  • Understand how much consumers will pay for a product
  • Identify potential competitors
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4
Q

Define Primary Research?

A

Primary research is collecting data first hand

  • The data will be specific to the needs of the business
  • The information does not yet exist
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5
Q

Name the Primary Research Methods?

A
  • Questionnaires
  • Observation
  • Customer Interviews
  • Test Marketing
  • Focus Groups
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6
Q

Define Observational Research?

A

A business may choose to gather data from observation of buyer behaviour
- E.g do shoppers shop alone?

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7
Q

Define Focus Group Primary Research?

A

A group of target market demographic respondents are chosen to take part in a product trial.

  • They may use the product over time and then get together in a group to discuss their thoughts about the product.
  • This gives the business very specific qualitative information about how customers relate and feel about the product.
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8
Q

Define Secondary Research?

A

Secondary research is gathering data which already exists.

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9
Q

Name the Secondary Research Methods?

A
  • Government Sources
  • Trade Publications
  • Market Reports
  • Internet Sources
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10
Q

Define Trade Publications Secondary Research?

A

Trade journals cater to a very specialist market

  • Information on competitor activity such as promotions
  • News specific to the industry
  • Helps small businesses stay in touch with trends in the market
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11
Q

Define and Explain Qualitative Data?

A

Seeks to gather and explore feelings and thoughts about products from consumers.
Information is gathered from;
- Focus group discussions
- Interview with consumers on what they think about the product or service
- Observations of buyer behaviour

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12
Q

Define and explain Quantitative Research?

A

Involves gathering data and measuring responses

  • Data displayed in charts, graphs, as statistics and percentages
  • Questionnaires written to gather numerical data
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13
Q

Define Sampling?

A

Sampling is the process of choosing the right people to be part of the research

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14
Q

Define Sample Size?

A

A sample size is the number of people who are interviewed during the research.

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15
Q

Name the ICT methods of Research?

A
  • Websites
  • Social Networks
  • Business data bases
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16
Q

Define Market Segmentation?

A

A market segment is an identifiable group of individuals or part of a market where consumers share one or more characteristics or needs.