market research Flashcards
what is market research
process of gathering analysing and interpreting information about a market
what is a product oriented business
main focus of activity is on the product itself
usually basic necessities and may not hv a brand name
why would a business be product orientated
they cant afford to do market research
what is a market orientated business
they carry out market research to find out customers wants before a product is developed
what is a marketing budget
financial plan for the marketing of a product or product range for some specific period of time. it specifies how much money is available to market the product or range, so that the marketing department knows how much money it may spend
what are the benefits of market orientated business
survive longer bc their products can adapt to change
new products can be confidently released cuz customers needs and wants have been identified
what are the 2 types market research methods
quantitative and qualitative
what are the 2 ways to market research
primary/field and secondary/desk
what is primary research
collection and collation of prefinal data via direct contact with potential or existing customers
what are the advantages of primary research
up to fate and relevant to business
first hand since usually planed and carried out by ppl who want to use the data
most effective to help business with specific problem
not available to business
what are the limitation of primary research
expensive
not available immediately
what is the process of primary research
purpose of research - most suitable method of research - size of sample and who is going to be asked - carry out research - collect data and analyse - product reports
what is secondary research
uses information that has already been collected and is available to use by others
what are the 4 methods of primary research
interviews, focus groups, online survey, questionnaires
what is questionnaires
set of question to be answered as a means of collecting data for market research
what are the advantages of questionnaires
detailed qualitative information
can get customers opinion
can be carried out online
can give vouchers to encourage ppl to fill it
what are the disadvantages of questionnaires
if question is not well though out, answers can be inaccurate and be misleading to business
can take time and money
time consuming to analyse
what are online surveys
require the target sample to answer a series of questions over the interned
what are the advantages of online surveys
fast with quicker response times compared to other forms of survey
cheaper than interview
easy to complete for participant
data can be quickly presented and analysed by IT
what are the disadvantages of online survey
absence of interviewers to explain question or to ask follow ups to gain more gain more detailed info
cannot reach potential respondents who dh internet
scope of fraud- they may not be honest and simply do it
what are focus groups
grp of ppl who area a representative or target market
what are the advantages of focus groups
provide detailed info
interaction can help business understand reason for ppl’s opinion
quicker and cheaper than individual interviews
what are the disadvantages of focus groups
time consuming and expensive if conducted by specialist market research agency
discussion may be biased if ppl are influence by opinion of other
can be denominated by just few ppl so researchers need to be experienced , which adds on to the cost
what are interviews
involves asking individuals a series of questions often f2f or over the phone
