3.2a - Primary Market Research Flashcards

1
Q

Market research definition

A

Collection, analysis and evaluation of information intended to assist the marketing process

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2
Q

Why would a business carry out market research?

A
  • Spot opportunities
  • Decide what to do next
  • See if plans are working
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3
Q

What is primary research also known as?

A
  • Field research

- First-hand research

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4
Q

Primary research definition

A

Research that finds data which did not exist before the research began

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5
Q

Advantages of primary research:

A

Information is:

  • Relevant
  • Up to data
  • Accurate
  • Owned by the business
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6
Q

Disadvantages of primary research:

A
  • Costly
  • Time-consuming
  • Potential customers can be irritated by surveys
  • Biased
  • Only a snapshot
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7
Q

What is secondary research also known as?

A

Desk research

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8
Q

Secondary research definition

A

Research that uses data which already exists

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9
Q

Examples of primary data:

A
  • Observation
  • Surveys
  • Interviews
  • Focus groups
  • Test marketing
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10
Q

Test marketing definition

A

Selling a new product into a small section of the market in order to assess customer reaction

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11
Q

Advantages of test marketing:

A
  • Can use reactions to improve product

- Allows the business to see whether the product will be successful or not

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12
Q

Disadvantages of test marketing:

A

It is only released into a small section of the market so data may not be accurate

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13
Q

What does observation involve?

A

Watching how customers behave

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14
Q

Advantages of observation:

A
  • Cheap

- Allows product to be designed according to customer behaviour

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15
Q

Disadvantages of observation:

A

Reason why customer is behaving in a way is unclear

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16
Q

Focus group definition

A

A group of potential customers brought together to discuss their feelings about a product

17
Q

Advantages of focus groups:

A
  • Detailed and accurate

- Opportunity to find areas to improve

18
Q

Disadvantages of focus groups:

A
  • Time consuming

- Costly

19
Q

What are the different types of surveys?

A
  • Telephone
  • Face-to-face
  • Postal
  • Online