BU$INE$$ Flashcards
Market Research
Collection, presentation and analysis of information relating to the marketing and consumption of goods and services
Dis:can be expensive
Untapped
Supply, market and talent that is available but has not yet been exploit
Dis: finding untapped market is not easy
Primary or field research
Gathering of ‘new’ information that does not already exist
Adv: it’s original and the info gathered can be adapted to the needs of the business
Consumer panels
Group of customers are asked for feedback about producers over a set period
Dis: the group may be small so generalising from the results may not be reliable
Secondary or desk research
Collection of data that already exists
Dis: is available for other users
Qualitative data
Information about attitudes, beliefs and intentions, usually written in words
Example: consumer message on social media about a new product
Quantitative data
Information that can be quantified, that is, expressed in numbers.
Adv: easier to gather
Sample
Small group of people, which must represent a proportion of a total market when carrying out market research
Dis: human behaviour is unpredictable
Market
Set of arrangements that allows buyers and sellers to communicate and trade in goods or services
Eg: supermarket
Marketing
Identifying costumers needs and satisfying them profitably
Example: Coca Cola advertising campaign
Product orientated
Where a business focuses on the design and manufacture of the product itself rather than the needs of customers
Example: pharmaceuticals industry
Market orientated
Where the business focuses on the needs of customers rather when developing product
Example: Disney
Market share
Proportion of sales in a total market that a business or product enjoys
Example: EA controls most of the market of football video games
Market analysis
Quantitative and qualitative assessment of the market
Adv: the business may be more successful
Mass market
Very large markets in which products with mass appeal are marked
Example: breakfast cereals
