Market Research Flashcards
How does an entrepreneur come up with ideas?
Brainstorming, intrapreneurship, competitors products, import substitution and market research
What is intrapreneurship
Intrapreneurship involves employees inside a business coming up with a suggestion to improve the business
Whatis import substitution
Import substitution is a product that is currently imported is now being made in ireland. E.g ballygowan water
What is market research
Market research is the gathering and analysis of info about consumer opinion to help the business make desicions
What is aim
Aim is ensuring the business creates something consumers want
What are the benefits of market research
Understand demand, understand likes/dislikes, understand best price and understand best promotion methods
What is target market
Target market is a group of people who all need/want a product/service. It is who your product is aimed at. E.g. target market for penneys is young people
What is desk research
Desk research involves looking at information that is already gathered .
What are examples of desk research
Internet research, central statistics office , sales reports and newspaper articles are examples of desk research
What is field research
Field research involves going into the market to gather information first hand from your target market
What are examples of field research
Surveys, observation and focus groups are examples of field research
What are the types of questions in a survey
Closed question, multiple choice and open question are the types of questions in a survey
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