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Market research Flashcards

1
Q

define product orientation

A

the business focuses on the production process and the product itself

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2
Q

where do product orientated businesses put most of their efforts

A

into making products customers would want and need so that it sells well

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3
Q

what industries in the past were product orientated

A

tvs and radio

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4
Q

what industry is product orientated now

A

machine-tool

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5
Q

define market orientation

A

a business that continually identifies, reviews and analyses consumers needs

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6
Q

what is a market orientated business more likely to be

A

engaged in effective marketing

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7
Q

advantages of market orientated businesses over product orientated ones

A
  1. can respond quicker to market changes due to using market info
    2.in a stronger position against new entrants
    3.more able to anticipate market changes
    4.more confident over new product launches
    5.customers are becoming much more demanding
  2. markets are becoming much more dynamic
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8
Q

what effect will taking a market orientated approach have on a business? it must

A

1.consult consumer continuously (MR)
2.design product accordingly
3.produce in wanted quanitities
4.distribute according to buying habits and there delivery requirements
5.set at price theyre willing to pay

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9
Q

what are the factors that determine whether a business is market or product orientated?

A
  • the nature of the product
    -policy decisions
    -the views of those in control
    -markets size+nature
    -degree of competition
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10
Q

what does market research involve

A

gathering, presenting and analysing information about the marketing and consumption of goods and services

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11
Q

what will businesses benefit from

A

identifying customer wants and needs

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12
Q

examples of features businesses will focus on for customer needs and wants

A
  • durability
    -body design+style
    -colour
    -interior design+style
    -economy
    -ease of maintenance
    -performance
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13
Q

what does the data gathered need to be

A

as comprehensive as possible so that all needs and wants are identified

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14
Q

what is important for a business to find out

A

the quantity of products they are likely to sell

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15
Q

why is this important

A

to work out if the product will be commercially viable

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16
Q

what will the business do if it is not commercially viable

A

cancel the launch of a new product as it would save them time and money on something not worth saving

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17
Q

if there is adequate demand what will the business need to do

A

organise necessary resources and plan production and draw up production schedules

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18
Q

what else do researchers research

A

insights into consumer behaviour

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19
Q

what do businesses want to understand

A

patterns of consumer behaviour

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20
Q

what does getting insights into consumer behaviour help

A

a business meet customer needs more effectively and so make more opportunities

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21
Q

another word for primary research

A

field research

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22
Q

what is primary data

A

information which did not exist before the research began

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23
Q

methods of gathering primary data?

A

questionnaires
postal surveys
telephone interviews
personal interviews
test panels/ focus group
observation
test marketing

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24
Q

what do questionnaires contain

A

open and closed questions

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25
define open questions
let people say whatever they want
26
define closed question
have a limited range of answers
27
pros of primary research
-directly focused to research objectives -kept private -more detailed insights
28
cons of primary research
-expensive and time consuming -risk of survey bias -sampling may not be representative
29
another word for secondary research
desk research
30
what is secondary research
research from information that already exists in some form
31
2 types of secondary research
internal or external data
32
types of internal data
- existing MR reports - sales figures - reports from members of the sales force from customer feedback - businesses annual; reports and accounts - stock movements -company intranets
33
types of external data
- info from competitors -government publications -the EU - international publications -commercial publications -retail audits -general publications -internet website pages
34
pros of secondary data
-often free and easy to obtain -good source of market insights -quick to access and use
35
cons of secondary data
-can quickly become out of date -not tailored to business needs -specialist reports often expensive
36
define quantitative data
data that can be measured- normally numerical
37
define qualitative data
data about feelings, attitudes, beliefs and intentions
38
pros of quantitative data
- data relatively easy to analyse - numerical data provides insights into relevant trends - can be compared with other data sources
39
cons of quantitative data
-focuses on data rather than explaining why -doesnt explain reasons behind numerical trends -may lack reliability if sample size isnt representative
40
pros of qualitative data
-important for new product launches or developments -focused on customer needs and wants- meeting expectations -can highlight issues that need addressing -effective way of testing elements of marketing mix
41
cons of qualitative data
-expensive to collect and analyse- requires specialist research skills -based around opinions- risk of unrepresentative sample
42
what does sampling involve
the gathering of data from a sample of respondents, the results of which should be representative of the population
43
benefits of sampling
-even a small sample size can provide useful research insights -using it prior to making marketing decisions can save time and money -flexible and relatively quick
44
what is now essential in market research
use of ICT
45
how is the use of IT essential in market research
* Now relative easy to learn about consumer preferences and buying habits by mining massive sets of quantitative data * Complex algorithms can uncover patterns and correlations that enable more effective marketing
46
what is an example of the growing use of IT
data mining
47
what is data mining
an example of secondary research
48
what does data mining rely on
data that is already there
49
benefits of data mining
– Quick & automated – Huge data sets can be analysed = reduced need for sampling – Data can be linked (e.g. transactional data with customer profiles)
50
what is another platform that is used in market research
social media
51
what is social media both a source of
primary and secondary research
52
how is social media used
software can quickly highlight what customers are saying about the product or brand. also they could do surveys
53
what can be used to manage social media
a wide range of powerful software applications to manage social media research and integrate with other business systems
54
what is a database
an electronic filing system
55
what does a database allow
a great deal of data to be stored
56
why are databases useful
the information can be updated and recalled when needed
57
what does a file consist of
a set of related records
58
what do businesses use marketing for
to create value for customers by making 2 decisions
59
what is the first decision
choose which customers to serve
60
what are the 2 elements involved with choosing customers
market segmentation and targeting
61
define market segmentation
analysing the different parts of a market
62
define targeting
deciding what market segment to enter
63
what is the second decision
choose how to serve those customers
64
what are 2 parts of the marketing strategy
product differentiation and marketing positioning
65
define product differentiation
what makes it different from the competition
66
define marketing positioning
how customers perceive the product
67
define market segmentation
involves dividing a market into parts that reflect different customer needs and wants
68
why is segmentation possible
because in nearly all markets there are differences in factors
69
what are the differences in factors
- customers needs and wants - how customers buy - location of customers - knowledge and experience of customers
70
what are the first steps of an effective approach to market segmentation
recognising and understanding the differences in factors
71
what are the 4 ways to segment a market
demographic income behavioural geographic
72
summarise demographic
dividing a market into segments based on demographic variables - age,gender,family,religion,ethnicity
73
summarise income
dividing markets into different income segments often on the basis of social-economic grouping
74
summarise behavioural
dividing a market into segments based on the different ways customers use or respond to a product and the benefits they seek
75
summarise geographical
dividing a market into different geographical units such as nations, regions, cities, neighborhoods or other territories
76
benefits of market segmentation
* Focuses resources on parts of a market where the business can succeed * allows a business to grow share in markets or to ride the wave of fast growing segments * helps with new product development- focused on needs of those in segment * helps make the marketing mix more effective
77
drawbacks of market segmentation
* segmentation is an imprecise science- data about each market segment is not always available, up to date or reliable * just because you can identify a segment doesnt mean you can reach the customers in it * markets are increasingly dynamic
78

business- theme 1 (3 decks)

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