3.5.3 Flashcards
what is market research?
the process of gathering, analysing and processing data relevant to marketing decisions
what is the role of market research?
to get information about the market n which a business operates and includes research into the product and the promotion
what is the purpose of market reasearch?
-demand
-market share
-competition
-target market
primary market research
involves gathering information for the first time
examples of primary market research
-telephone survey
-door-to-door
-focus groups
-internet research
-questionnaires
advantages of primary market research
-can conduct when it’s convenient to the business
-can see how people react and people may be more likely to tell the truth
-can get in depth responses
-cheap an quick
disadvantages of primary market research
-sometimes can not tell how people respond
-people may not answer their phones r be reluctant to give answers
-sometimes can be time consuming
-small groups of people may not reflect all your target customers
secondary market research
involves using data that already exists
examples of secondary market research
-information in a newspaper
-information published on a website
advantages of secondary market research
-can be gathered quickly
-great deal of information available
-provides information on large sections of the population
-helps a business as it’s unrealistic to expect a business to gather information on the whole of the economy
disadvantages of secondary market research
-existing data may not be exactly what a business wants
-data may be out of date
-markets change rapidly so you always need new information
what are the different types of data?
-quantitative data
-qualitative data
quantitative data
involves the use of numbers
qualititative
involves views and opinions
market mapping
diagram used to identify target customers and potential gaps in the market
