4.4 Market Research

Question 1

Market Research

Answer 1

marketing activities designed to collect information about existing and potential customers to identify their wants and needs (and is used to aid their marketing planning)

Question 2

Purpose of market research

Answer 2

1. Gather information on consumer tastes and preferences
2. Predict/ anticipate market trends
3. Reduce risks by having more informed marketing strategies

Question 3

Primary Research

Answer 3

the collection of first-hand data/ information

Question 4

Surveys

Answer 4

A questionnaire of standardized questions is sent out to a target market in order to gather primary market research about individuals and their opinions

Question 5

Interviews

Answer 5

A dialogue between the interviewer and interviewee where the interviewer asks a set of questions to understand the opinions of the respondent

Question 6

Focus Group

Answer 6

Small groups of targeted customers with similar characteristics are assembled together to discuss questions about a specific product

Question 7

Observation

Answer 7

Involves researchers watching, monitoring, and recording how customers behave or react to certain situations

Question 8

Secondary Research

Answer 8

the collection of second-hand data (data that has been collected by others)

Question 9

Market analysis

Answer 9

A report that contains data and information about a particular product, market or industry

Question 10

Academic journals

Answer 10

Publications from educational and research institutions related to a specific academic disciplines

Question 11

Government Publications

Answer 11

Official documents published by governments that discuss a broad range of data relating to economic, demographic or social matters

Question 12

Media Articles

Answer 12

Professional documents or articles written by journalists and authors

Question 13

Qualitative research

Answer 13

1. Collecting data about opinions, attitudes, or beliefs
2. Generates a lot of information from minimal responses
3. More challenging to collect and interpret

Question 14

Quantitative research

Answer 14

1. Collecting numerical/ measurable data
2. Requires a large number of participants for results to be representative
3. Easier to collect and interpret

Question 15

Convenience sampling

Answer 15

A type of sampling that involves selecting subjects based on the ease of access and proximity to the researcher

Question 16

Snowball sampling

Answer 16

A type of sampling that involves selecting individuals who then suggest other friends/ family members thereby increasing the sample size

Question 17

Random sampling

Answer 17

A type of sampling where every member of the population has an equal chance of being selected for the sample

Question 18

Cluster sampling

Answer 18

A type of sampling that involves separating the target market into (cluster) from different geographical regions, then taking a random sample from each

Question 19

Quota sampling

Answer 19

A type of sampling that involves segmenting a population based on similar characteristics where a certain number of individuals are selected from each segment

Question 20

Stratified sampling

Answer 20

A type of sampling that involves segmenting a population based on similar characteristics. A number of participants are randomly chosen from each stratum that is proportional to the population

Question 21

Ethical considerations of market research

Answer 21

1. purpose of use - participants must be aware of what info is being collected
2. confidentiality - info is used for its stated purpose
3. selection research subjects - vulnerable groups of research participants need consent
4. researcher bias - not influencing the opinions of participants/ stereotyping or being prejudiced
5. presentation of findings - not manipulating data to change results