Identifying Customer Needs - Market Research And Anasysis (primary, secondary, sampling, standard deviation) Flashcards
market research
systematic, objective collection and analysis regarding a particular target market
increased understanding of the subject matter
knowing the market
quantitative and qualitative
EXPLAIN WHAT is happening in the market
EXPLAIN the reasons WHY
PREDICT consumer reactions to changes
quantitative research NUMERICAL
objective - collecting the facts
concentrates on what consumer’s actually purchase or use
everyone needs to be asked the same series of questions
used initially to establish the trends within a particular market - can help the business to decide whether it is worthwhile for a more quantitative levle of research in more detail next
= often seen as secondary research
= market research surveys
= questionnaire
qualitative research LITERACY
subjective due to opinions being collected
provides an understanding of how or why things are as they are
no fixed set of questions but a guide on what to explore
= faced to face
= focus groups
= involves primary research which concentrates on the opinions of consumers - establishes why they’re bought
= the secondary research will infrom a business about the numbers within a market for a product
primary (field) research
interviews questionnaires observations consumer panels / focus groups trial marketing - why?
secondary (desk) research
INTERNAL
- sales data
- previous surveys
- customer infromtion from loyalty cards
- reports
EXTERNAL
- market research companies, government data, media, competitors, trade magazines, internet
issues with primary and secondary data
- cost - SECONDARY IS CHEAPER
- time
- reliability
- fit for purpose - SECONDARY someone has already done it but does it cater for what you need to someone elses research and results - now ALREADY OUT OF DATE
how useful is the data > TEST IT
Whats sampling?
aims to ensure the answers represent the same AS IF YOU HAD TAKEN A CENSUS - that correct and appropriate
must be statistically meanigful and not-biased
probability sampling
random
systematic
non-probability sampling
convienience quota stratified (PROPORTIONATE RANDOM) stratified (DISPROPORTIONATE RANDOM) cluster
random
- everyone has an equal chance
- bias
- never appropriate
- computerised
systematic
- every 5th, every 10th person
convienience
- you select a time + location - ask ‘anyone’
- bias
- cheap
- quick
quota
- divide people into sub-groups
- take a set quota = 3:1 or 5:1
- very bias
- not statistically represented
- fit for purpose
cluster
- random classroom chosen and you stratify it down and down
- eliminating others by sampling towards a niche group
- theres a focus group of around 3 people left
stratified PROPORTIONATE random
- dividing into sub-groups and as random as you can, choosing by proportion which they are in the population
- less bias than quota
