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enterprise > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Market research

A

The process of collecting, collating and analysing data abt customers, competition or a market

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2
Q

Market research

A

The process of collecting, collating and analysing data abt customers, competition or a market

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3
Q

What does accurate market research provide

A

Customers needs or wants
Market and competition
Reducing risk of introducing or selling new products
Plan marketing communications
To make decisions such as which ideas to select or reject
Evaluate success

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4
Q

Quantitive data

A

Numerical info usually obtained from sales figures surveys and questionnaires and is easy to present in charts or tables

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5
Q

Qualitative data

A

Is info based on opinions and reasons obtained from using visits interviews and focus groups. The result are more detailed but they can be difficult to represent in tables and charts as it is hard to compare individual opinions

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6
Q

Primary market research

A

Collecting nee info or data for a specific purr

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7
Q

Examples of primary research

A

Surveys and questionnaires
Interviews
Consumer panels and focus groups
Observations
Test marketing

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8
Q

Examples of primary research

A

Surveys and questionnaires
Interviews
Consumer panels and focus groups
Observations
Test marketing

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9
Q

Examples of primary research
( surveys and questionnaires)

A

Asking ppl a list of questions
Cheap way to gain info as large no of people can be asked the same simple questions
More ppl can be asked so increased sample size
Reduce risk of bias
Questions need to be perfect
If not could result in higher costs , wasted resources and lost revenue
Ivan take a long time to collect all the questionnaires and ppl many nit complete them

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10
Q

Examples of primary research
(interviews)

A

This can provide detailed anders as there is time to explore the answers
Higher response rate than surveys
Interviews take a long time to complete
Sample size is smaller than surveys
Risk of interviewer bias

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11
Q

Examples of primary research
( consumer panels and focus groups)

A

Gathering together a selection of ppl who have similar characteristics to the target market to give their opinions on a product
Highly detailed info from a selected group of customers
Sample size is very small
Other group members can influence what others say or do in the group
Focus groups and expensive and time consuming

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12
Q

Examples of primary research
(Observations)

A

Watching and recording what people do or buy
Provide insight into what people do but cannot ask questions abt why or what they behave this way
Info can be limited or misleading
Cheap method as all u have to do is watch
No questions

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13
Q

Examples of primary research
(Test marketing)

A

Introducing a new product to a small of ppl to see their reaction
An entrepreneur can check if the this Roding is suitable to the wider market
Is expensive and takes time
Could also alert competition what ur doing
Could limit the potential competitive advantage of the new product

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14
Q

Secondary market research

A

The use of info that alr exists and was originally collected for a different purpose that can provide useful data abt the market in general and trends
Much cheaper and quicker to collect than primary research
However the info is not the specific needed to provide potential customers

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15
Q

Examples of secondary market research

A

Existing data from ur sales records
Newspaper and internet articles
Trade organisations and journals
Gov statistics
Company and market research reports
Market research agencies

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16
Q

existing data from your sales records

A

internal records eg. past sales
help indicate which products are popular
free
easy to obtain
kept secret from competitors
data may not be complete

17
Q

newspaper and internet articles

A

provide a wealth of general info on markets

18
Q

trade organisations and journals

A

these can provide industry-specific data for its members

19
Q

government statistics

A

including census records. usually free to collect and access and can be useful to identify trends over time.

20
Q

company and market research reports

A

these can be good source of market and competitor information. you may have to pay to access the data and it may be incomplete.

21
Q

market research agencies

A

carry out research for other people. they often will provide info to other enterprises or people for a fee.

22
Q

what is secondary data useful for

A

show what product are in demand and who is buying them
identify the no. of competitors or their sales
identify a gap in the market not being exploited
illustrate which products are successful in other areas
identify costs for the enterprise
find target markets
compare the adverts or competing enterprises to compare effectiveness or ideas
spot trends and help identify what may happen in the future

23
Q

primary market research advantages and disadvantages

A

adv: up-to-date info
other enterprises have no access to it
can ask specific information
dis: expensive to collect
takes time to collect

24
Q

secondary market research advantages and disadvantages

A

adv: readily available
low or no cost
can provide lots of additional helpful info
dis: may not be relevant to selected purpose
can be out of date.

25
Q

tables

A

a simple record of facts and figures presented in rows and collumns. can contain lots of data though hard to see a pattern

26
Q

bar charts

A

good way of seeing info easily and quickly. can only show small no. of simple figures, such as a single variable like prices or sales

27
Q

pie charts

A

show proportions, useful for simple comparisons for the same question. easy to see result quickly

28
Q

graphs

A

show the relationship between 2 sets of numbers.

29
Q

how to conduct market research

A
  1. decide the info you want to find out (WHAT)
  2. identify potential target respondents (WHO)
  3. choose a suitable method(s) of research (HOW)
  4. develop questions
  5. put questions in a logical order
  6. make sure not too many questions
  7. test questions before use
  8. carry out market research

enterprise (14 decks)

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