Conducting Start-up Market Research

Question 0

What is marketing?

Answer 0

The process of anticipating and satisfying customers wants and needs, which also meets the needs of the organisation.

Question 1

What is market research?

Answer 1

The collection, analysis and evaluation of information that is used to assist the marketing process

Question 2

What is primary market research?

Answer 2

The first hand collection of information for a specific purpose.

Question 3

What is secondary market research?

Answer 3

The use if information that has already been collected for a different purpose.

Question 4

What are the methods of primary market research?

Answer 4

Experiments/observation(expensive)
Focus groups(expensive)
Surveys
Personal interviews
Postal surveys
Telephone interviews
Internet surveys

Question 5

Where is secondary market research found?

Answer 5

Government publications
Newspapers/magazines
Internet
Competitors materials
Company records/publications

Question 6

What are the benefits of secondary market research?

Answer 6

Information is already available
Cheaper than primary
Secondary surveys are often conducted regularly(can spot trends)

Question 7

What are the drawbacks of secondary research?

Answer 7

The information is out of date
The data is available to other firms
Don’t know how accurate and reliable the data is

Question 8

What is qualitative market research?

Answer 8

The collection of information on the market based on opinions and reasons.

Question 9

What is quantitative market research?

Answer 9

The collection of information on the market based on numbers.

Question 10

What are the benefits of qualitative research?

Answer 10

The business can use it to see how to appeal to consumers

Find out why people buy their products

Question 11

What are the problems with qualitative research?

Answer 11

Very expensive to gather
Tends to be small scale
Possibly biased

Question 12

What are the benefits of quantitative research?

Answer 12

Summarises data in a concise way
Use of numerical data makes it easy to compare with other organisations
Can be used to identify trends and project future trends

Question 13

What are the problems with quantitative research?

Answer 13

It only shows’what’ rather that ‘why’

Can lack reliability and validity if the sample is biased or too small

Question 14

What is a sample?

Answer 14

A group of respondents or factors whose views or behaviour should represent the target market.

Question 15

What is a sample size?

Answer 15

Number of people or items in the sample.

Question 16

What is a random sample?

Answer 16

A group of people where each member of the target population has an equal chance of being chosen.

Question 17

What is a quota sample?

Answer 17

A group of people who each share a common feature (age,gender)
Interviewees are selected non-randomly by the interviewer

Question 18

What is stratified sample?

Answer 18

A group of people selected according to particular features (age,gender)
Sub groups and their sizes are chosen specifically

Question 19

What are the problems with sampling?

Answer 19

Samples may be unrepresentative
Answers and questions might be balanced
Difficult to locate suitable respondents

Question 20

What influences the sample method chosen?

Answer 20

Costs
Time
Firms understanding of its customers
Whether the business is targeting a specific group