Market Research(11) Flashcards
What is a product-oriented business?
A business whose main focus of activity is on the product itself
What is a market-oriented bizness?
A business which carries out market research to find out consumer wants before a product is developed and produced
What is market research aiming to find out?
- Which features are favourable
- Who would be willing to buy the product?
- Where, for how much would people be willing to buy it?
- What is the competition like?
- How should I advertise?
What is market research?
Market research is the process of gathering, analysing and interpreting information about a market
What are the two types of information?
- Quantitative research: About quantity (Duh.)
- Qualitative research: About opinions/judgement
What are the two types of research?
- Primary Research/Field Research
- Secondary Research/Desk Research
Ways of conducting primary research?
- Questionnaires
- Interviews
- Observation
- Focus groups
Advantages/Disadvantages of questionnaires?
+Detailed info -Time-consuming & Expensive
+Opinions obtained -Analysing takes time
+Can be online, so cheap -May be misleading
+Can be linked to prize draws
Advantages/Disadvantages of interviews
+Interviewer can explain questions
+Detailed info
-Interviewer may bias test subject
-Time-consuming & Expensive
Advantages and disadvantages of focus groups?
+Detailed info
-Time-consuming, expensive, biased
Types of observation?
- Recording
- Watching
- Audits
Advantages/Disadvantages of Observation?
+Inexpensive
-Not detailed info
Internal sources of secondary research. Give me names.
- Sales department records
- Opinions of employees
- Finance department
- Customer Service department
External sources of secondary research, please.
- Government stats
- Newspapers
- Market research agencies
- Internet
- Trade Associations
Different ways of presenting data?
- Chart
- Table
- Graph
