Chapter 5- Conducting Start-up Market Research Flashcards
0
Q
What is meant by the term “Market Research”?
A
The systematic and objective collection, analysis and evaluation of information that is intended to assist the marketing process.
1
Q
What is meant by the term “Marketing”?
A
The anticipation and satisfying of customers’ wants in a way that delights consumers and meets the needs of the organisation.
2
Q
What are the purposes of market research?
A
- descriptive reasons
- explanatory reasons
- predictive reasons
- exploratory reasons
3
Q
What are the descriptive reasons of market research?
A
To identify a number of pieces of information:
- achieving objectives
- identifying trends
- comparisons (mostly to competitors)
4
Q
What are the explanatory reasons?
A
Help investigate why certain things occur:
- does weather affect sales?
- is the brand name attractive to customers?
- reasons why customers would buy the product
- was the promotional campaign successful?
5
Q
What are the predictive reasons?
A
Help predict trends:
- calculating the extent of which advertising influences sales volume
- whether to expand range of products and how it would affect sales
- predicting whether a new price will boost sale value
- likely effect of the arrival of a new competitor on profit levels
