1.1.2 primary/secondary market research Flashcards
why market research
to gain understanding about customers, competitors, mearket trends
definition primary data
data collected first hand for a specific pupose by researcher (should be representative)
definition secondary data
data that already exists and has been collected for a diffrent pupose
market research defenition
collection, collation (organizing) and analysis of data relating to the marketing and consumption of products
types of primary research
focus groups (sometimes asked to rate products and service in eg restaurant)
interviews
surveys (can be online, phone, person; want to find out cutomer habits)
mystery shoppers
product testing
telephone calls
experiments
benefits of primary research
detailed insight, direct, up-to-date
drawbacks of primary research
expensive and time-consuming, bias, people can lie
types of secondary research
internet, trading reports, government reports, Industry Reports, Media Sources
pro of secondary research
already available, cheaper, good overview of market, doesn’t need to be collected and collated
con of secondary research
outdated unreliable, not tailored to specific needs
quantitative data
numerical form
qualitative data
about opinions, attitudes and feelings
sample size
number of people interviewed
should be large enough to give representatice findings of the whole target population
bias
factor that causes findings to be unrepresentative and unreliable
bias kinds
interview bias: interviewer ask questions differently depemding on which group the subject is in
biased questions: you rly like…, don’t you
respondant bias: already use diffrent product for marketing company
market research is used to
identify and anticipate customer needs and wants,quntify likely demand, gain insight into consumer behaviour, identify competitors and how they operate
which market research should you use
size business, market they oporate in and context
what is ICT
stands for Information and Communication Technology.
is concerned with the storage retrival manipulation transmission or receipt of digital data
2 categories of ICT
traditional computer -based technologies
digital communication technologies
both 1. and 2. have in common
provide insights tht can aid marketing strategy and decision making
more about ICT (3 kinds)
social media - searching trending hashtags see emerging trends, find out quantitative information
websites - pop ups ask customer questions, quantittive data
customer databases - use data from loyalty schemes to build customer database, increase in customer satisfaction
