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Business A-level > 1.1.2 Market Research and 1.13 market positioning > Flashcards

1.1.2 Market Research and 1.13 market positioning Flashcards

1
Q

What is marketing research?

A

involves the gathering and analysis of research to help support the implementation of marketing stratergy

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2
Q

What can market research provide? (4 things)

A
  • dimensions of the market
  • competitor strategies
  • needs, wants and expectations of customers
  • market segments
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3
Q

What is product orientation?

A

business develops products based on what it is good at doing

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4
Q

What is market orientation?

A

business responds to customer needs and wants - designs products accordingly

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5
Q

What is primary research?

A

data collected first-hand for a specific research purpose

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6
Q

What is secondary research?

A

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

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7
Q

What are the benifits of primary research?

A
  • directly focused to research objectives
  • kept private - not public
  • more detailed insights ( customer views)
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8
Q

What are the drawbacks of primary research?

A
  • time consuming and costly to obtain
  • risk of survey bias
  • sampling may not be representative
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9
Q

What are the benefits of secondary research?

A
  • often freee and easy to obtain
  • good source of market insights
  • quick to access and use
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10
Q

Drawbacks of secondary research

A
  • can quickly be out of date
  • not tailored to business needs
  • specialist reports often quite expensive
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11
Q

What is a market segment?

A

is a subsection of a larger market in which consumers share similar needs and wants

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12
Q

WHat is a niche market?

A

small segment of a larger market for a paticular product or service which meets certain cusotmer needs

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13
Q

What is a mass market?

A

selling to the whole market

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14
Q

Benefits of mass marketing?

A
  • high potential customers
  • higher production levels allow for economies of scale
  • can use mass media advertising
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15
Q

Drawbacks of mass markets?

A

lower profit per unit sold

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16
Q

Benefits of niche marketing?

A
  • meeting customer needs more precisely
  • higher profit margins
  • easier to enter firms with limited financial resources
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17
Q

drawbacks of niche marketing?

A
  • lower economies of scale

- smaller customer base

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18
Q

What are dynamic markets?

A

markets that are constantly changing and adapting to customer needs and wants

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19
Q

What is market size?

A

measure of the total available demand for competitors in a market

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20
Q

What is market growth?

A

measures the rate of change of market size

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21
Q

What is market share?

A

explains how the overall market is split between existing competitors

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22
Q

What is online retailing?

A

selling products via the internet

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23
Q

What are the beifits of online retailing?

A
  • business costs are lower as as it doesnt need to have a physical shop or hire staff
  • customers can easily compare prices between different firms
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24
Q

What are the drawbacks of online retailing?

A
  • businesses face more competition as customers can shop around
  • consumers are unable to physically see products
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25
Q

How does competition effect the market?

A
  • battle for market share
  • pricing
  • battle for competative advantage
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26
Q

What is competative advantage?

A

the ability of a business to add more value for its customers than its rivals and attain a position of relative advantage

where a business has an advantage over its competitors by being able to offer better value, quality and/ or services

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27
Q

What is a risk?

A

The possibility that things will go wrong

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28
Q

What is an uncertainty?

A

the unpredictable and uncontrollable events that effect a business

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29
Q

What is sales volume?

A

quantity of goods and services produced by a particular business over a period of time

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30
Q

What is sales value?

A

total sales revenue of a particular business over a period of time

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31
Q

How do you work out market growth in a year?

A

change in size of market between year 1 and year X / size of market in year 1

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32
Q

How do you work out sales growth in year?

A

change of sales in a business between year 1 and X / sales of product in year 1

33
Q

What is marketing research?

A

involves the gathering and analysis of research to help support the implementation of marketing statergy

34
Q

What are 4 types of market researcg?

A
  • dimensions of the market ( size, structure, growth)
  • competitor stratergies
  • needs wants and expectations of customers
  • market segments (existing and potential opportunites)
35
Q

What is product orientation?

A

Business develops products based on what it is good at doing

36
Q

What is market orientation?

A

business responds to customer needs and wants - designs products accordingly

37
Q

Why is market orientation linked to marketing success?

A
  • markets are much more dynamic
  • customers are becoming much more demanding
  • barriers to market entry getting lower
38
Q

What are the two types of market reseach>

A

primary and secondary

39
Q

What is primary research?

A

data collected first-hand for a specific research purpose

40
Q

What is secondary research?

A

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

41
Q

What are the benefits of primary research?

A
  • directly focused to research objectives
  • kept private - not publicly available
  • more detailed insights- particularly into customer views
42
Q

What are the benefits of secondary research?

A
  • often free and easy to obtain
  • good source of market insights
  • quick to access and use
43
Q

What are the drawbacks of primary research?

A
  • time consuming and costly to obtain
  • risk of survey bias
  • sampling may not be representative
44
Q

What are the drawbacks of secondary research?

A
  • can quickly become out of date
  • not tailored to business needs
  • specialist reports often quite expensive
45
Q

What are the main formats of primary reseacrh?

A
  • focus groups
  • observation
  • surveys
  • telephone interviews
  • test marketing
  • experiments
46
Q

What are the main formats of secondary research?

A
  • published market research reports
  • internal transactional data
  • google
  • official statistics
  • Trade associations
  • media reports
  • competitor materials
47
Q

What is quantitative research?

A

research based on numerical data

based on larger samples, ‘how many?’ ‘how often?’ ‘who?’

48
Q

What is qualitative research?

A

research based on opinions, attitudes, beliefs and intentions

‘why?’ how?’ ‘would?’

49
Q

benefits of qualitative research?

A
  • essential for important new products development and launches
  • focused on understanding customer needs, wants and expectations
  • can highlight issues that need addressing
  • effective way of testing elements of the marketing mix
50
Q

Drawbacks of qualitative research?

A
  • expensive to collect analyse - requires specialist research skills
  • based on opinions - always a risk that sample is not representative
51
Q

Benefits of quantitative research?

A
  • data relatively easy to analyse
  • numerical data provides insights into relevant trends
  • can compared with the data from other sources
52
Q

Drawbacks of quantitative research?

A
  • focuses on data rather than explaining why things happen
  • doesn’t explain the reasons behind numerical trends
  • may lack reliability if sample size and method is not valid
53
Q

What is sampling in marketing research?

A

gathering of data from a sample of respondents, the results of which should be representative of the population

54
Q

How is sampling used?

A

in marketing research and it can provide statistically valid insights into the profile of the overall population

55
Q

What are benefits of sampling?

A
  • even small sample sizes can provide useful research
  • using sampling before making marketing decisions can reduce risk and costs
  • sampling is flexible and relatively quick
56
Q

Drawbacks of sampling?

A
  • biggest risk = sample is unrepresentative of population
  • risk of bias in research questions
  • less useful in market segments where customer tastes and preferences are changing frequently
57
Q

What is data mining?

A

relies on data that is already there

58
Q

What is market segmentation?

A

the practice of dividing your target market into approachable groups.

59
Q

What are the two things marketing is used for?

A
  • choosing which customers to serve

- choosing how to serve these customers

60
Q

What does choosing which customers to serve involve?

A

market segmentation and targeting

61
Q

What is targeting?

A

deciding which market segments to enter

62
Q

What does choosing how to serve these customers involve?

A
  • product differentiation

- marketing positioning

63
Q

What is marketing positioning?

A

how customers perceive the product

64
Q

What is value proposition?

A

deciding how to compete in a segment

65
Q

What is a positioning map?

A

illustrates a range of positions a product can take in a market based on two dimensions that are imprtant to a customer

66
Q

Name 4 dimensions that could be used in a positionign map?

A
  • low price, high price
  • basic quality, high quality
  • low volume, high volume
  • necessity, luxury
  • light heavy
  • simple, complex
  • unhealthy, healthy
  • low tech, high tech
67
Q

Advantages of positioning maps?

A
  • helps spot gaps in the market
  • useful for analysing customers
  • encourages use of market reseach
68
Q

disadvantages of positioning maps?

A
  • just because there is a gap doesnt mean there is demand
  • not a guarantee of success
  • how reliable is market research
69
Q

What is product differentiation?

A

arises when customers percieve a distinct differance between your product and the alternatives provided by competitors

70
Q

What does effective product differentiation allow a product to do?

A
  • compete effectively
  • protect and build a brand
    add more value
71
Q

What is a unique selling point?

A

somethign that sets a product apart from its competitors

72
Q

What is adding value?

A

the process of adding value to the cost of inputs into and through the transformational process

73
Q

What is the transformational process?

A

describes what happens inside a business.

input -> transformational process -> output

74
Q

What is product differentiation?

A

when customers percieve a distinct differance between your product and the alternatives provided by competitors

75
Q

What does effective differentiation allow a business to do?

A
  • compete effectively
  • protect and build a brand
  • add more value
76
Q

what are the key requirements for effective product differentiation ?

A
  • capable of delivering what is important to customers
  • distinctive
  • communicated and visible to customers
  • not easily copied by competitors
  • afforable by the target customers
  • profitable
77
Q

What is a unique selling point?

A

something that sets a product apart from its competitors in the eyes of customers

78
Q

What process allows businesses to add value?

A

transformational process

79
Q

What is the transformational process?

A

describes what happens within a business

Business A-level (29 decks)

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