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Business Studies > Chapter 33: Market Research > Flashcards

Chapter 33: Market Research Flashcards

1
Q

Market Research

A

Collection, presentation & analysis of information relating to the marketing & consumption of goods & services.

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2
Q

Purpose of market research

A
  • Idenify gaps in market
  • Identify & understand customer needs
  • Reduce risks
  • Inform business decisions
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3
Q

Why does market research information help a business

A

Information enables business to be informed in its decisions & so reduce risk of failure

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4
Q

Categories of market research

A

Primary research (field)
Secondary research (desk)

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5
Q

Primary research (field)

A

Data collected firsthand for a specific research purpose

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6
Q

Secondary research (desk)

A

Collection of data that already exists

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7
Q

Methods of market research (primary)

A
  • Focus group
  • Observation
  • Test marketing
  • Survey
  • Questionnaire
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8
Q

Methods of market research (secondary)

A
  • Media
  • Business websites
  • Commercial publications
  • Government publications
  • Internal data
  • Competitors
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9
Q

Questionnaires

A

A list of written questions used to record the views & opinions of respondents

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10
Q

Postal Surveys

A

Questionnaires sent out by letters & people complete in own time, however the majority are never returned therefore resources are wasted

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11
Q

Telephone interviews

A

A wide geographical area can be covered however some people do not like being phoned by businesses

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12
Q

Personal interviews

A

Questions can be explained & detailed information can be obtained, however people do not like being approached in street

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13
Q

Online surveys

A

Increase as use of internet increases

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14
Q

Focus groups (ad)

A

A number of customers are invited to a discussion led by market researchers where very detailed information & opinions of customer tastes & preferences can be collected.

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15
Q

Focus groups ad/dis

A

Cost effective method, however if group is small data might be unreliable

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16
Q

Observation

A

Market researchers watch the behaviour of customers in retail, how much time they spend looking at particular products, however, the reason for behaviour not explained therefore many questions go unanswered

17
Q

Test marketing

A

Selling product in restricted geographical area to test it before launch. After, feedback is gathered from customers & information provided is used to modify product before final launch to reduce risk of failure

18
Q

Test marketing (dis)

A

Competitors can learn about product, so increased competition

19
Q

Features secondary research

A

Easy & quick to gather, internal data immediately available & external data available online, however data collected might not be what business needs or if data out of date it is inaccurate

20
Q

Untapped

A

Supply, market or talent that is available but has not yet been exploited

21
Q

Advantages of social media in market research

A

Broad reach, ability to target specific groups of people, free or low cost, personal, fast, easy

22
Q

Quantitative data

A

Information that can be quantified (expressed in numbers).

23
Q

Sample

A

Small group of people which must represent a proportion of a total market when carrying out market research

24
Q

Consumer panels

A

Groups of customers are asked for feedback about products over a set period

25
Q

Qualitative data

A

Information about attitudes, beliefs & inentions, usually written in words.

26
Q

Qualitative data features

A

Very detailed however difficult to interpret

27
Q

Quantitative data features

A

Easy to gather, process & present to readers, open to less interpretation

28
Q

Primary advantages

A
  • Up to date
  • Specific to business needs
  • Provides answers to exact questions
29
Q

Primary disadvantages

A
  • Can be expensive & time consuming
  • May have bias problems
30
Q

Secondary advantages

A
  • Inexpensive & quick
  • Cost- effective analysis
31
Q

Secondary disadvantages

A
  • Often out of date
  • Might not be available
  • Little control over quality
  • Difficult to interpret

Business Studies (8 decks)

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