market research Flashcards
what is the process of gathering, recording and analysing data about customers, competitors and market trends
Market research
reasons why business use market research 4x
identifying target markets
finding out needs and wants of customers
finding out how much they are willing to pay
gathering information about competitors
a type of market research which involves a business gathering new information themselves
field research
a type of market research which involves using pre-existing data that has been gathered by someone else
desk research
advantages of field research 3x
data is brand new and up to date
data is not available to competitors
relevant to the business
disadvantages of field research 2x
it can be expensive
its time consuming
methods of field research 4x
personal interview
telephone survey
online survey
focus group
common sources of desk research 4x
government report/stats
competitors websites
trade magazine/journal
reliable newspapers
advantages of desk research 2x
its cheap
its quick
disadvantages of desk research 2x
data can be out of date
competition can have the same data
may contain bias
what is
product
price
place
promotion
is called
the marketing mix
6 stages of research and development
conduct market research
generate idea based on research
create a prototype
test the market
make changes
put final product into production
