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Unit 4: Marketing > 4.4 Market Research > Flashcards

4.4 Market Research Flashcards

1
Q

Market research

A

process of collecting, analysing and reporting data related to a particular market

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2
Q

Purpose of market research

A
  1. identify consumer needs and wants
  2. understand consumer satisfaction levels
  3. understand consumer patterns in purchasing behavior
  4. predicting what is likely to happen in the future
  5. reduce risk of product failure
  6. measure the effectiveness of a marketing strategy
  7. provide latest information on activities happening in the market
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3
Q

Market research methods

A
  1. primary
  2. secondary
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4
Q

Primary research

A

collection of first-hand information from the market

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5
Q

Primary market research methods

A
  1. surveys
  2. interviews
  3. observation
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6
Q

Surveys

A

questionnaires sent out to a particular target audience by mail, telephone, or online

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7
Q

Advantages of surveys

A
  1. enable researchers to collect a large amount of data in short time
  2. if designed well they can be easily completed by respondents
  3. collect information on a wide rabge if aspects (attitudes, preferences, opinions)
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8
Q

Disadvantages of surveys

A
  1. those that are poorly constructed can undermine well-intended research
  2. answers provided may not be an accurate reflection of how they feel
  3. answers could be biased
  4. large samples can be costly and take a long time to adminster
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9
Q

Interviews

A

conversation during which the interviewer asks the interviewee question, can be conducted one on one, face to face or online

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10
Q

Advantages of interviews

A
  1. provide detailed information about the opinion of consumers
  2. achieve a high response rate because of one on one attention
  3. precise wording can be tailored to the respondent and the meaning of questions clarified during the interview process
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11
Q

Disadvantages of interviews

A
  1. process is time consuming involving setting it up, carrying it out, analysing responses, gathering feedback and reporting
  2. some interviewers may be biased influencing interviewees responses
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12
Q

Focus groups

A

small numeber of people brought together to discuss a specific product or idea, representative of the customers of the business or a specific segment

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13
Q

Advantages of focus groups

A
  1. cheap and easy
  2. used to measure customer’s reaction to a new product o strategy
  3. help identify key product requirements
  4. provide insights on current position of the firm’s competitors in the mind of the customer
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14
Q

Disadvantages of focus groups

A
  1. opinion of small number of individuals may not reflect information about the entire market
  2. some members may not be honest when their opinion is different from the rest
  3. costly to set
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15
Q

Observation

A

carefully watching and trying to understand certain things or people’s behaviour

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16
Q

Advantages of observation

A
  1. direct method of collecting data studying human behaviour
  2. the researcher can see exactly how people behave in a specific situation
  3. large number of individuals can be surveyed in a short space of time
  4. cost-effective
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17
Q

Disadvantages of observation

A
  1. complete answers cannot be taken
  2. need to combine with other methods
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18
Q

Secondary research

A

collection of second-hand information from the market

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19
Q

Secondary market research methods

A
  1. academic journals
  2. media articles
  3. market analyses
  4. online content
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20
Q

Academic research journals

A

publications of scholarly articles written by experts

21
Q

Advantages of academic research journals

A
  1. increased relaibility of information
  2. include reports, reviews and topic specific information, good sources
  3. take less time to publish than books
22
Q

Disadvantages of academic research journals

A
  1. contain information of specific academic interest, not best source for general-interest topics
  2. peer-review process can be time consuming
23
Q

Media articles

A

test written and submitted for publication in newspapers or magazines

24
Q

Advantages of media articles

A
  1. newspaper is cheaper than television
  2. serious newspaper articles have been well researched, reliable and accurate
  3. widely available
25
Q

Disadvantages of media articles

A
  1. difficult to communicate events in real time, may be out of date
  2. can be biased
  3. newspaper is considered waste of paper
  4. online magazines are considered unreliable sometimes
26
Q

Government publications

A

documents produced by the government that provide official recor of government activities and cover a wide variety o topics

27
Q

Advantages of government publications

A
  1. provide details about any changes in government policy or governance in a country
  2. provide information that would only be undertaken by the government, like census
  3. useful statistical information on activities like education, trade, social trends
  4. up to date information
28
Q

Disadvantages of government publications

A

difficult to gain access to

29
Q

Market analyses

A

commercial publications or market intelligence reports that gather data about particular markets, carried out by specialist market research agents

30
Q

Advantages of market analysis

A

information provided is usually accurate and recent as it is carried out by specialists research agents

31
Q

Disadvantages of market analysis

A

obtaining information this way can be costly as some organizations charge a lot for this service

32
Q

Online content

A

gathering information from the internet or websites

33
Q

Advantages of online content

A
  1. up to date news and information about current events, trends, interesting topics
  2. information provided quickly
  3. easy access
34
Q

Disadvantages of online content

A
  1. could be inaccurate or biased, even outdated
  2. limited amount of scholarly research is opently available on the internet
35
Q

Qualitative research

A

collection, analysis, and interpretation of data about consumer opinions, attitudes and beliefs. subjective. “why?”

36
Q

Quantitative research

A

the collection analysis and interpretation of numerical datta or data that can be measured. objective. “how many?”

37
Q

Sample

A

group of people selected to represent the population or target market under research

38
Q

Sampling

A

process of selecting an appropiate sample

39
Q

Sampling methods

A
  1. quota sampling
  2. random sampling
  3. convenience sampling
40
Q

Quota sampling

A

segmenting a population into a number of groups that share characteristics like age or gender

41
Q

Advantages of quota sampling

A
  1. quick and cost effective
  2. more reliable than random sampling
42
Q

Disadvantages of quota sampling

A
  1. not always statistically representative of the population
  2. statistical errors
  3. interviewer may be biased and choose those interviewees that will most likely cooperate
43
Q

Random sampling

A

every member in the population has an equal chance of being selected as part of the sample

44
Q

Advantages of random sampling

A
  1. reduces bias as everyone has an equal chance to be selected
  2. relatively easy way to obtaining a sample
45
Q

Disadvantages of random sampling

A
  1. sample chosen may be too small
  2. may not consist of the target population
  3. larger sample may have to be selected
46
Q

Convenience sampling

A

research groups are selected based on their easy access and proximity to the researcher

47
Q

Advantages of convenience sampling

A

fast, easy and cheap method as the groups are readily available

48
Q

Disadvantages of convenience sampling

A

sample may be biased and not representative of the entire population

49
Q

Benefits of properly collected data

A
  1. ability of the research to accurately answer the research questions posed
  2. the ability to repeat and validate a particular study where needed
  3. increased accuracy of findings resulting in an efficient use of resources
  4. good opportunities for other reseachers to pursue areas needing further investigation

Unit 4: Marketing (6 decks)

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