1.2.2 - Market Research Flashcards
Viable:
able to work properly or successfully
Market Research:
the process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing
Focus group:
a group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online
Target Market:
a particular group of consumers at which a business aims its products and services
Sample:
a portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population
Generation Y:
(also known as Millennials) people born shortly before 21st century, usually defined as born between 1980 and 2000
Data:
information, particularly statistics, that can be collected and analysed
Biased:
unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly
Ethics:
Ethics: moral principles or standards that guide the behaviour of a person or business
Source:
Source: a place, person or thing, such as a boo or report, hat can provide information to be used in research
Chamber of Commerce:
a local association that promotes the interests of businesses in a country or region
Trade Association:
organisations founded and funded by businesses that operate in a specific industry
Analysis:
the process of looking at data to identify patterns or trends
Incentive:
Incentive: something such as a payment or gift that encourages someone to do something
Valid:
Valid: having a solid or accurate basis of facts
Why is Market research carried out? (4 reasons)
- To identify and understnad consumer needs
- To identify gaps in the market
- To reduce risk
- To inform business decisions.
List Primary reserach examples
- Questionaires
- Online surveys
- Interviews
- Observations
- Focus groups
- Test marketing
Secondary research:
Involves the collection and analysis of information that already exists.
List Examples of Secondary Research
- Internet
- Government reports
- Market reports
Quantitative research
- Involves using numerical and quanitifable data.
