Chapter 4 - Market Research Flashcards
Define market research
the process of collecting, collating and analysing data about customers, competitors or a market
What does accurate market research provide?
- to find out about customer needs or wants
- about the market and competitors
- to help reduce the risk of introducing or selling new products
- to help plan marketing communications
- to help make decisions
- to evaluate success
Define primary research
collecting new information or data for a specific purpose
What are three methods to collect market research?
- surveys and questionnaires
- interviews
- consumer panels and focus groups
- observations
- test marketing
Define secondary market research
the use of information that already exists and was originally collected for a different purpose
Name three examples of secondary market research
- existing data from sales records
- newspaper and internet articles
- trade organisations and journals
- government statistics
- company and market research reports
- marker research agencies
Why might secondary research be useful?
to identify factors such as demand, competitors and price or production cost of products.
What are the positives and negatives of primary research?
positives: up to date information, no other enterprise has access to that information. you can ask specific questions.
negatives: expensive to collect, takes time to collect.
What are the positives and negatives of secondary research?
positives: readily available, low or no cost, can provide lots of information not previously considered.
negatives: may not be relevant for selected purpose. can be out of date.
What are the 4 ways to display market research?
- tables
- bar charts
- pie charts
- graphs
