3 - The Value Of Primary And Secondary Marketing Research Flashcards
What Is Market Research?
Collection of information about consumers needs.
What Is Primary Market Research?
(2 Points)
~ Original research, done yourself.
~ Exclusive to the business, that did the research.
What Are Examples Of Primary Market Research?
(3 Points)
~ Surveys and questionnaires.
~ Interviews.
~ Focus groups.
What Is Secondary Market Research?
Using data that already exists.
What Are Examples Of Secondary Market Research?
(5 Points)
~ National and local government.
~ Market research organisations.
~ Professional bodies.
~ Newspapers and magazines.
~ The internet.
What Are The Benefits Of Primary Research?
(2 Points)
~ Design questions, directly tailored to the businesses needs.
~ Gives firms a competitive advantage, as other firms won’t know the research done.
What Are The Drawbacks Of Primary Research?
(2 Points)
~ Time consuming and costly.
~ Labour intensive.
Describe The Benefits Of Secondary Research?
(2 Points)
~ Quicker then primary research.
~ Cheaper to acquire.
Describe The Drawbacks Of Secondary Research?
(2 Points)
~ Competition has access to it.
~ Research may have errors or be out of date.
What Is Quantitative Research?
(2 Points)
~ Numerical statistics.
~ Having fixed predetermined answers.
What Is Qualitative Research?
(2 Points)
~ Non-statistical information.
~ More open questions.
What Is A Market Map?
(2 Points)
~ Tool used to analyse competition within a specific market.
~ E.g. Price vs quality.
Why Is Market Mapping Beneficial To Firms?
(4 Points)
~ Shows the business their competition.
~ Analyse consumer buying habits and preferences.
~ Helps identify gaps in the market.
~ Helps reposition.
What Is A Sample?
(2 Points)
~ Obtaining data from a group of people.
~ Should be representative of the firms target market.
What Are The Benefits Of Sampling?
(3 Points)
~ Aids decision making.
~ Finds trends, leading to a competitive advantage.
~ Broad range of opinions.
What Are The Drawbacks Of Sampling?
(2 Points)
~ Depends on the sample size.
~ Depends on an accurate representation of opinions.
What Are Examples Of Sampling Techniques?
(3 Points)
~ Random.
~ Quota.
~ Stratified.
What Is Random Sampling?
Names a pick randomly from a list.
What Is Quota Sampling?
People are picked, only if they fit into a category.
What Is Stratified Sampling?
Population is divided into groups, where people are selected randomly.
