Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

bs > Chapter 11 Market Research > Flashcards

Chapter 11 Market Research Flashcards

1
Q

What is market research

A

Process of gathering, analysing and interpreting information about a market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a product-oriented business

A

Business whose main focus of activity is on the product itself. Develop and produce the product first then find a market for it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a market-oriented business

A

Carries out market research to find out customer wants before a product is developed and produced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the marketing budget

A

Financial plan for the marketing of a product(s) for a specified period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the two types of market research

A

Primary market research

Secondary market research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is primary market research

A

Collection or collation of original data via direct contact with potential or existing customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Another name for primary market research

A

field research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the primary market research methods

A 
Questionnaire
Focus groups
Online surveys
Interviews
Observation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the process of primary research

A 
Identify the method you want to use
Find sample and sample size
Carry out the primary research method
collect and analyse data
Submit research
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the two types of data you get when you do market research

A

Quantitative - numerical data

Qualitative - theoretical data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a questionnaire (primary)

A

A (usually large) set of questions made by the market research team.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Types of questions in a questionnaire

A

open-ended: subjective questions

close-ended: yes/no questions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Types of questionnaire

A

Face to face, telephone, post

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Adv of questionnaires

A

If its face-to-face, you can see the person’s reactions to the questions - if they have doubts, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Disadv of questionnaires

A

Time consuming

Could be expensive to conduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is an online survey

A

Require the sample to answer a series of questions on the internet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Adv of online surveys

A

Very cheap
Very quick
Much easier to conduct, collate and analyse info - more convenient
Can reach a larger sample size

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Disadv of online surveys

A

There is no interviewer to explain any open-ended questions/ask follow up questions

Can’t reach potential customers who don’t have access to the internet

Quality of answers. People may answer the survey carelessly or dishonestly to gain the incentive that could’ve been offered with the survey.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is an interview

A

An individual asking a series of questions face-to-face or on the phone.

20
Q

Advantages of an interview

A

Questions are more flexible - can change/be altered on the spot by the individual

Any doubts can be answered by the interviewer

21
Q

Diff between an interview and a ftf questionaire

A

In a questionnaire, the questions can not be changed

In an interview, they can be modified

22
Q

Disadv of interviews

A

Can be very time consuming
Can be expensive
Interview bias - questions could be asked in a certain way that could skew results

23
Q

What is a focus group

A

Group of people who are a representative of the target market . These people agree to provide information through a group discussion with a researcher present.

24
Q

Disadv of a focus group

A

Time consuming
Expensive
Opinions of a few people could skew the opinions of others

25
Q

Adv of a focus group

A

The group discussion could give a lot of useful information

Cheaper than individual interviews

26
Q

What is observation

A

Trained observers watch customers shop/response to a product

27
Q

Disadv of observation

A

Can’t approach customers - least effective way of primary market research
Customers may feel uncomfortable

28
Q

What is a sample

A

A group of people who are selected to respond to a market research exercise. They are a small % of the population

29
Q

Two types of samples

A

Random

Quota

30
Q

What is a random sample

A

Consists of people selected at random

31
Q

What is a quota sample

A

Participants selected base on a specific characteristics

32
Q

What is secondary market research

A

Use information that has already been collected or available for use

33
Q

Another name for secondary market research

A

desk research

34
Q

Difference between primary and secondary market research

A

Data is not unique

35
Q

Adv of secondary market research

A

Cheaper
Quicker
Can be used to access total market by finding the size of population and age structure.

36
Q

Disadv of secondary market research

A

Data could be out of date
Available to all businesses
Data may not be completely relevant to the business and its needs

37
Q

Two types of secondary market research

A

Internal

External

38
Q

What is internal secondary market research

A

Data from customers that the business already has. (from the business records)

39
Q

Example of internal secondary

A

buying/spending patterns of customers

40
Q

What is external secondary market research

A

Information that is obtained from outside of the business

41
Q

Examples of external secondary

A

Newspapers (could be politically oriented)
Internet
Social media
Publix records

42
Q

Factors that influence the accuracy of the research

A

The way the questions were phrased

Size of the sample

How the sample is selected

Age of the information

43
Q

How to present research

A

Table
Graph
Chart

44
Q

What is a table

A

record the data in its original form

45
Q

What is a chart

A

Total figures for each piece of data or the proportion of each piece of data in terms of the total number

Eg: pie chart

46
Q

What is a graph

A

Shows the relationship between two sets of data

bs (36 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions