Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

A-Level Business 📈 > 1.1.2 Market Research > Flashcards

1.1.2 Market Research Flashcards

1
Q

what Is product orientation?

A

The product is the most important factor when providing products for the market

Developing products is what is good at

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is market orientation?

A

Customer is the most important factor when providing product response to customer needs and wants and designs products accordingly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How does products in product orientation get made?

Start
focus
means
end?

A

Start -research and design in the factory

focus -products

means - selling plus promotion

End- profit through sales volume

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the process of market orientation?

A

Starting point- target manufacturers

focus -customer needs

-means coordinated marketing

End- profit through customer retention

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the nine different types of primary research methods?

A

Questionnaires
postal services
interviews -telephone or personal
focus groups
consumer panels
observations
test marketing
loyalty cards 

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are questionnaires?

A

A list of written questions given to customers to fill out 

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are questionnaires used to record?

A

Views and opinions of respondents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Why do we use questionnaires?

A

Could use it to find a clear answers close the questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the positives and negatives of questionnaires?

A

Positives-can find it to use clear answers (closed questions )
open questions -for suggestions

Negative- may be too hard for them to be out by themselves need someone to simplify

may be too long low response rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are interviews?

A

When an interviewee asks an interviewers questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the positives of having a telephone interview?

A

Cheaper and more convenient

could use if you want a geographical opinion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the negatives of interviews?

A

Interviewee May feel bias To answer correctly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the positive of a personal interview?

A

Carried out in the streets interview articles in answers

Can be explained of interviewee is confused

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are focus groups?

A

A group of customers who attended discussion thereby market researchers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the positives and negatives of focus groups?

A

Positives -Collect more representative data to the whole population

cost-effective

Qualitative- in depth and build off question

Negatives - Some people may not be heard

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are consumer panels?

A

Where customers give feedback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are observations?

A

Market research a watch his behaviour of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Why would we use observation?

A

Only used in retail outlets to record the multi customer spend looking at a particular product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the positives and negatives of observations?

A

Positives - It’s time relevant

Negatives- You get no feedback as in why they look at a certain product

it’s quite expensive as you have to pay somebody to do it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is test marketing?

A

Selling new products in a restricted you geographical area to test it out before national launch

21
Q

What are the positive and negative of test marketing?

A

Positive- you get time relevant feedback

Reputation is protected if it goes wrong

Negative-Costly as you have to use promotion to attract potential customers



22
Q

What are loyalty cards?

A

Card given to customers throughout them for buying goods

23
Q

Why do we use loyalty cards?

A

Creates the opportunity to determine the best discounts to give how to best engage with customers

Products are recorded which Are bought the most

Enlists loyalty between the customer and the business

24
Q

What is market segmentation?

A

A part of a whole market where a paticular customer group has the similar characteristics

25
Q

What are the 3 segments are market segmentation?

A

Geographical - area depends on product

Demographical- age - diff needs

Gender - diff needs in toiletries

Income - more disposable income - luxury and needs

Social class - diff disposable income

Ethnicity- countries becoming more cosmopolitan- diff ethnicity living together- diff needs and taste

Religion - diff needs eg Muslims - no pork or alcohol

Psychographic
Personal tastes

Behavioural- how the buy
Impulse buyers
Usage rate - how much they puchase
Time and date of consumption
Loyalty

26
Q

What are the 4 positives of market segmentation?

A

Increased brand loyalty and repeat custom

Enables business to understand and meet needs of customers more efficiently

Reduces price sensitivity help improve profitability

Avoid wasting Resources on segments that are not interested

27
Q

What are the negatives of market segmentation?

A

Increased cost to research and provide product development

Potential for other segments to lose identity and less able to exploit economies of scale

Additional marketing activities required
Targets more segments

28
Q

What is market mapping ?

A

Illiterates the range of positions a pricier can take In the market based on two dimensions that are important to customers

29
Q

What are the 5 dimensions of market mapping ?

A

The Benifit offered by product-

USP - stands out

Origin or product- name of champagne

Classification of products

30
Q

What are the positives of market maps ?

A

Help spot gaps in market

Good to analyse competitors

Helps entrepreneur gain more knowledge

31
Q

What are the disadvantages of market mapping ?

A

Not reliable judgement- bias not customer

2 variables simplistic

Not guarantee success subject to external influences

32
Q

What are the positives of market orientation? 3)

A

He can respond quickly to change the market due to market information

is in a stronger position to meet new challenges competing and entering in the market

will be able to anticipate market changes more confident that you could launch will be successful

Distribute product according to buying habits

33
Q

What factors determine whether a business case is going to emphasis on the product or the market?

A

Size and nature of the market- If costs are really high then cut them company is more likely to be market orientated

degree of competition if lack of competition may be less likely to research

34
Q

What is market research?

A

Gathering presenting and analysing information about the market and consumption of goods

35
Q

three things market research can be used for?

A

And anticipate customer needs and wants- To know what products to sell can be due to the performance colour economy

quantify the likely demand of product-Allows to meet demand data will be quantitated organise resources better and quicker

Provide an insight into consumer behaviour- Going to analyse consumer behaviour could be more successful if identify patterns

36
Q

What is a secondary data?

A

Collecting data that already exists

37
Q

What are the two types of secondary data?

A

Internal data - collected from existing business internally documents sales figures and reports stock movement

External data- data available from outside of the business

information from competitors government publications census
Internet webpages



38
Q

What are the uses of IT to support market research?

A

Company websites - provide access to online surveys easily direct customersQuestionnaires

flexible and can be tailored to to responses of individuals

Cheap To administer and

can be made available 24 /7 to respondents

Can also carry out secondary data by looking at websites of rivals prices product range

Social networking-Businesses use social platforms in order to gain market research search up their name

Negative is that you’re driven by question
s
Positives- Broad Reach can reach millions of people
ability to target
free costs
personal communication -on a personal basis of individuals more in depth
fast information can be collected quickly and it’s easy high level of IT skills not needed

39
Q

What are Databases?

A

Electronic filling system allows a great deal of data to be stored
Like loyalty cards

Has calculations within records

filing sorting facility to arrange data
file searching facility


40
Q

What are the negatives of market research

A

Interviewer may be biased
sampling size may be too tiny
not representative of target market 

41
Q

When is Product orientation appropriate?

A

Little competition in the market so business can make what suits its production capacity

when there is limited consumer knowledge

no disposable income

42
Q

What are the five factors that may change why a business should be a product or market orientated?

A

Nature of product- if it’s on the edge of innovation or if it’s a necessity like pharmaceuticals

policy decisions- what does objectors line with the success of the business and

the views of those in control -
marketing person will be highly concerned with the market research

the nature and size of business- if production costs are very high likely to be market orientated

high degree of competition - is the lack of competition will be product orientated

43
Q

What are the three kinds of market segmentations?

A

geographic - Where they live

demographic - Vision income gender or social class ethnicity age

and behaviourable- Personal tastes preferences lifestyle

44
Q

Give a few examples on how businesses can gain a competitive advantage of a product or service

A

Product quality- Can change consumer perceptionsSo they are inclined to buy the product
promotion
customer service
ethical stance
flexibility

delivery times - convenient

economies of scale firms can produce efficiency low cost and afford to charge a lower price and gain a competitive advantage by being a course leader in the market

45
Q

What is the purpose of product differentiation?

A

To gain a competitive advantage

46
Q

What are the 4 ways that show the purpose of product differentiation?

A

Allows flexible pricing business can demonstrate clear physical differences between the products with her rivals allowed them to have more value for their money

recognition- For their attributes that they cannot receive from their competitors

extend products range -More choice

brand development - overcome competition

47
Q

give4 examples of the way businesses may add value by adding features that go beyond customers expectations

A

Bundling - putting together a package of benefits

Frequent buyer Offers- builds loyalty - more likely to purchase from you

customer service- Friendly good image good reputation

speed of Response- convenient

Customisation - embedded in customer logo allows them to add a higher price if they would like
speed of response

48
Q

Give an example of external shocks that will lead to a change in demand

A

government- Influence demands raising taxes
economic climate and social and environmental factors
Competition 

49
Q

What are wholesalers ?

A

Buys goods from manufacturers and sells them in smaller goods for retailers

A-Level Business 📈 (62 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions