CH5- MARKET RESEARCH

Question 0

MARKET RESEARCH

Answer 0

The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process.

Question 1

MARKETING

Answer 1

The management process through which goods and services move from concept to the customer. Considering the coordination of the marketing mix.

Question 2

PURPOSE OF MARKET RESEARCH

Answer 2

Descriptive, explanatory, predictive and exploratory reasons.

Question 3

DESCRIPTIVE REASONS

Answer 3

What?

Question 4

EXPLANATORY REASONS

Answer 4

Why?

Question 5

PREDICTIVE REASONS

Answer 5

Foreseeable future?

Question 6

EXPLORATORY REASONS

Answer 6

?

Question 7

PRIMARY RESEARCH

Answer 7

Collection of info 1st hand for a specific purpose

Question 8

BENEFITS OF PRIMARY RESEARCH

Answer 8

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Question 9

OBSERVATIONS

Answer 9

Method used whereby the researcher stands back and watches how the market responds to certain products and their behaviour towards the

Question 10

FOCUS GROUPS

Answer 10

A small group ….

Question 11

SURVEYS

Answer 11

Takes two forms which is either questionnaire or **? And is used to obtain either qualitative or quantitative data about the target market

Question 12

PERSONAL INTERVIEWS

Answer 12

What it says on the tin

Question 13

POSTAL SURVEYS

Answer 13

Door to door, postman delivers it and you don’t respond, it ends up in the recycle bin

Question 14

TEST MARKETING

Answer 14

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

Question 15

SECONDARY RESEARCH

Answer 15

The use of info that has already been collected for a different purpose.

Question 16

TYPES OF SECONDARY RESEARCH

Answer 16

• statistical data

Question 17

BENEFITS OF SECONDARY RESEARCH

Answer 17

• time efficient ( time being one of the most valuable intangible asset to a business)
• convenience
• knowing your competitors

Question 18

QUALITATIVE RESEARCH

Answer 18

Subjective opinions that allows the researcher to know “why” someone would/ would not buy the product and gives a more in depth answer

Question 19

QUANTITATIVE RESEARCH

Answer 19

Statistical/numerical info which allows the business to easily identify how ‘many’ would buy the product

Question 20

BENEFITS OF QUALITATIVE RESEARCH

Answer 20

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Question 21

DRAWBACKS OF QUALITATIVE RESEARCH

Answer 21

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Question 22

BENEFITS OF QUANTITATIVE RESEARCH

Answer 22

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Question 23

DRAWBACKS OF QUANTITATIVE RESEARCH

Answer 23

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Question 24

SAMPLE

Answer 24

A group of respondents picked through a certain selection process to represent the target market.

Question 25

RANDOM SAMPLE

Answer 25

Each member of the target population has and equal chance of being chosen.

Question 26

QUOTA SAMPLE

Answer 26

Comprises of several different segments, each sharing a common feature. Number is fixed to reflect their percentage in the total target population.

Question 27

STRATIFIED SAMPLE

Answer 27

Selected according to particular features. The sub-groups and their sizes are chosen specifically.

Question 28

FACTORS INFLUENCING THE CHOICE OF SAMPLE METHOD USED

Answer 28

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