Market Research Flashcards
Product orientation
A business is product orientated when it only looks at the product or the production process when deciding what to make next
Market orientation
Each Chosen By You product was tested by a minimum of 50 consumers in a single location
Benefits of research
For business decision making, carrying out market research reduces risks and costs of making poor decisions
Primary market research
Primary research is collecting data first hand
• This means NEW data is gathered for the benefit of the
business
• This data will be specific to the needs of the business
What is primary research
Primary research is new / original data gathered by the researcher
• The information does not yet exist, so it could not be found on the Internet, the business website or anywhere else
Primary research method
Questionnaires (surveys)
Observation
Customer interviews
Test Marketing
Focus groups
Secondary research
Secondary research is gathering data which already exists • It is also known as desk research
Secondary research methods
Government Sources
Trade Publications
Market reports
Internet sources
Newspapers / Magazines / TV / Radio
Qu’ablative research
Seeks to gather and explore feelings and thoughts about a product from consumers
Quantative research
Involves gathering data and measuring responses
• Data displayed in charts, graphs, as statistics and percentages
Sampling
Sampling is the process of choosing the right people to be part of the research
Sample size
A sample size is the number of people who are interviewed during the research
Bias
Bias is when research findings cannot be trusted because of the way the research has been carried out
Use of ict in market research
Websites
Social networks
Business databases
Market segmentation
• A market segment is an identifiable group of individuals or part of a market where consumers share one or more characteristics or needs
