CH5- MARKET RESEARCH Flashcards
MARKET RESEARCH
The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process.
MARKETING
The management process through which goods and services move from concept to the customer. Considering the coordination of the marketing mix.
PURPOSE OF MARKET RESEARCH
Descriptive, explanatory, predictive and exploratory reasons.
DESCRIPTIVE REASONS
What?
EXPLANATORY REASONS
Why?
PREDICTIVE REASONS
Foreseeable future?
EXPLORATORY REASONS
?
PRIMARY RESEARCH
Collection of info 1st hand for a specific purpose
BENEFITS OF PRIMARY RESEARCH
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OBSERVATIONS
Method used whereby the researcher stands back and watches how the market responds to certain products and their behaviour towards the
FOCUS GROUPS
A small group ….
SURVEYS
Takes two forms which is either questionnaire or **? And is used to obtain either qualitative or quantitative data about the target market
PERSONAL INTERVIEWS
What it says on the tin
POSTAL SURVEYS
Door to door, postman delivers it and you don’t respond, it ends up in the recycle bin
TEST MARKETING
Prototype used to see the response of the business’s target market to the product and can identify some elements of the marketing mix which identifies things such as the strategic pricing, where to place the product etc
SECONDARY RESEARCH
The use of info that has already been collected for a different purpose.
TYPES OF SECONDARY RESEARCH
• statistical data
BENEFITS OF SECONDARY RESEARCH
- time efficient ( time being one of the most valuable intangible asset to a business)
- convenience
- knowing your competitors
QUALITATIVE RESEARCH
Subjective opinions that allows the researcher to know “why” someone would/ would not buy the product and gives a more in depth answer
QUANTITATIVE RESEARCH
Statistical/numerical info which allows the business to easily identify how ‘many’ would buy the product
BENEFITS OF QUALITATIVE RESEARCH
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DRAWBACKS OF QUALITATIVE RESEARCH
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BENEFITS OF QUANTITATIVE RESEARCH
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DRAWBACKS OF QUANTITATIVE RESEARCH
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SAMPLE
A group of respondents picked through a certain selection process to represent the target market.
RANDOM SAMPLE
Each member of the target population has and equal chance of being chosen.
QUOTA SAMPLE
Comprises of several different segments, each sharing a common feature. Number is fixed to reflect their percentage in the total target population.
STRATIFIED SAMPLE
Selected according to particular features. The sub-groups and their sizes are chosen specifically.
FACTORS INFLUENCING THE CHOICE OF SAMPLE METHOD USED
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