4.4 - Market research Flashcards
Academic journals (what do they publish)
Periodical publications from education and research institutions
* educational, peer-reviewed articles and findings written by industry experts and academics
Examples of academic journals (name 3)
- Harvard Business Review
- Knowledge@Wharton
- Kellogg Insight
- Judge Business School working papers
- Australian Journal of Management
Government publications (name 3 examples of what they publish)
- population census
- social trends
- labour market developments
- trade statistics
- unemployment figures
- inflation rates
Examples of governement publications (name 3)
- statistics Canada
- National Buerau of Statistics of China
- Ministry of Statistics and Programme Implementation (India)
- United States Census Bureau
Media articles (name 4)
- newspapers
- magazines
- business-related journals
- television documentaries
- books
- websites
- blogs
- social media
Online content (3 examples)
- search engines such as Google
- encyclopedia such as Wikipedia
- social networks such as Facebook and Instagram
Secondary market research methods (5)
- market analysis
- academic journals
- government publications
- media articles
- online content
Qualitative research (3 purposes
Getting non-numerical answers and opinions from respondents
* understand behaviour, attitude and perception
Quantitative research (2 methods)
Getting factual and measurable information rather than people’s opinions
* closed questions
* ranking or sliding scales
Advantages of qualitative research (3) - these are disadvantages of quantitative
- better than quantitative research for exploring behaviours and attitudes
- more flexibility so useful extra information from interviews can be gathered
- cost effective - able to gather a lot of information from smaller number of respondents
Disadvantage of qualitative research (3)
- small samples prevent findings from being representative
- very time consuming to conduct and interpret
- interviewer must be highly experienced in facilitating useful information from respondents
Sampling methods (3)
- quota
- random
- convenience
Sampling
The practice of selecting a small group of the population for a particular market for primary research purposes
The 5Ds
- damage - protect those in their samples, ensure information collected is never used to harm them
- dishonesty - trustworthy when obtaining data
- deception - misleading methods to access/gather data is an ethical problem
- disclosure - unauthorised disclosure of customer information is unethical
- detachment - researchers must be detached from personal biases to achieve objectives
Brand awareness
Marketing process of improving and enlarging the brand name
* can extend the product’s life cycle
Brand loyalty
Occurs when customers buy the same brand again and again
* devoted due to preference over other brand names
* opposite: brand switching
Benefits of brand loyalty (4)
- maintains/improves market share
- ability to set premium pricing
- acts as a barrier to entry in highly competitive markets
- prolongs the product ad brand’s life cycle
Brand value
The premium that customers are willing to pay for a brand name over and above the value of the product itself
Benefits of having a strong brand value (3)
- higher market share
- higher barriers to entry
- premium prices
Advantages of branding (7)
- acting as a legal instrument
- risk reduction
- image enhancement
- earning higher revenues
- premium price setting ability
- recognition and loyalty
- distribution benefits
