Chapter-5 Conducting Market Research Flashcards
What is marketing?
Marketing is the process of anticipating and satisfying customers wants in a way that delights the customers and also meets the needs of the organisation
What is market research?
Market Research is the systematic and objective collection, analysis and evaluation if information that is intended to assist the marketing process.
What is primary market research?
This is the collection of information first-hand for a specific purpose
What is secondary market research?
This is the use of information that has already been collected for a different purpose.
What are the main methods of Primary Research?
- Experiments
- Focus Groups
- Surveys
What are the sources for Secondary Research?
- Government Publications
- Newspapers and Magazines
- Company records
- The internet
Main benefits of Secondary
- Information is already provide
- Able to spot trends
- Cheaper
Drawbacks of Secondary Research
- Information dated
- Data available to other firms
- Secondary User may not know the actual level of accuracy and reliability of the data
What is Qualitative Market Research?
Qualitative research is the collection of information about the market based on subjective factors such as opinions and reasons
Benefits of Qualitative Research
- A business can use it to get better ideas if how to appeal to its consumers
- It helps to shape marketing approaches by finding out exactly why people buy products.
Drawbacks of Qualitative Research
- It is very expensive to gather
- It tends to be small scale and thus possibly biased
What is Quantitative Market Research?
A Quantitative research is the collection of information about the market based on numbers
Benefits of Quantitative market research
- Summarises data in a concise and meaningful way
- The use if numerical data makes it easier to compare results
Drawbacks of Quantitative Research
- Shows ‘what’ rather than explaining ‘why’
- Lack reliability and validity especially if the sample itself is biased or too small
What is a sample?
A sample is a group of respondents whose views or behaviour should be representative of the target market as a whole
What is a sample size?
A sample size is the number of people or items in the sample. Large sample sizes are more reliable as they offer a more generalised result however it is more expensive. Small sample size is the opposite
Name three main types of sample
- Random Sample
- Quota Sample
- Stratified Sample
What is Random Sampling?
This is a group of respondents in which each member of the target population has an equal chance of being chosen.
What is a Quota Sample?
This is a group of respondents compromising a range of several different segments each sharing a common feat
What is stratified sampling?
This is a group of respondents selected according to particular features.
Drawbacks of sampling
- Samples may be unrepresentative
- May be bias answers that they encourage
- It may be difficult to locate suitable respondents
Name factors that influence sampling methods.
- Cost and Availability
- Time
- Business Targeting specific groups of customers
- Understanding customer base
