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business- theme 1 > Market research > Flashcards

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
Q

define open questions

A

let people say whatever they want

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26
Q

define closed question

A

have a limited range of answers

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27
Q

pros of primary research

A

-directly focused to research objectives
-kept private
-more detailed insights

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28
Q

cons of primary research

A

-expensive and time consuming
-risk of survey bias
-sampling may not be representative

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29
Q

another word for secondary research

A

desk research

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30
Q

what is secondary research

A

research from information that already exists in some form

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31
Q

2 types of secondary research

A

internal or external data

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32
Q

types of internal data

A
  • 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
Q

types of external data

A
  • info from competitors
    -government publications
    -the EU
  • international publications
    -commercial publications
    -retail audits
    -general publications
    -internet website pages
34
Q

pros of secondary data

A

-often free and easy to obtain
-good source of market insights
-quick to access and use

35
Q

cons of secondary data

A

-can quickly become out of date
-not tailored to business needs
-specialist reports often expensive

36
Q

define quantitative data

A

data that can be measured- normally numerical

37
Q

define qualitative data

A

data about feelings, attitudes, beliefs and intentions

38
Q

pros of quantitative data

A
  • data relatively easy to analyse
  • numerical data provides insights into relevant trends
  • can be compared with other data sources
39
Q

cons of quantitative data

A

-focuses on data rather than explaining why
-doesnt explain reasons behind numerical trends
-may lack reliability if sample size isnt representative

40
Q

pros of qualitative data

A

-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
Q

cons of qualitative data

A

-expensive to collect and analyse- requires specialist research skills
-based around opinions- risk of unrepresentative sample

42
Q

what does sampling involve

A

the gathering of data from a sample of respondents, the results of which should be representative of the population

43
Q

benefits of sampling

A

-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
Q

what is now essential in market research

A

use of ICT

45
Q

how is the use of IT essential in market research

A
  • 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
Q

what is an example of the growing use of IT

A

data mining

47
Q

what is data mining

A

an example of secondary research

48
Q

what does data mining rely on

A

data that is already there

49
Q

benefits of data mining

A

– Quick & automated

– Huge data sets can be analysed = reduced need for sampling

– Data can be linked (e.g. transactional data with customer profiles)

50
Q

what is another platform that is used in market research

A

social media

51
Q

what is social media both a source of

A

primary and secondary research

52
Q

how is social media used

A

software can quickly highlight what customers are saying about the product or brand. also they could do surveys

53
Q

what can be used to manage social media

A

a wide range of powerful software applications to manage social media research and integrate with other business systems

54
Q

what is a database

A

an electronic filing system

55
Q

what does a database allow

A

a great deal of data to be stored

56
Q

why are databases useful

A

the information can be updated and recalled when needed

57
Q

what does a file consist of

A

a set of related records

58
Q

what do businesses use marketing for

A

to create value for customers by making 2 decisions

59
Q

what is the first decision

A

choose which customers to serve

60
Q

what are the 2 elements involved with choosing customers

A

market segmentation and targeting

61
Q

define market segmentation

A

analysing the different parts of a market

62
Q

define targeting

A

deciding what market segment to enter

63
Q

what is the second decision

A

choose how to serve those customers

64
Q

what are 2 parts of the marketing strategy

A

product differentiation and marketing positioning

65
Q

define product differentiation

A

what makes it different from the competition

66
Q

define marketing positioning

A

how customers perceive the product

67
Q

define market segmentation

A

involves dividing a market into parts that reflect different customer needs and wants

68
Q

why is segmentation possible

A

because in nearly all markets there are differences in factors

69
Q

what are the differences in factors

A
  • customers needs and wants
  • how customers buy
  • location of customers
  • knowledge and experience of customers
70
Q

what are the first steps of an effective approach to market segmentation

A

recognising and understanding the differences in factors

71
Q

what are the 4 ways to segment a market

A

demographic
income
behavioural
geographic

72
Q

summarise demographic

A

dividing a market into segments based on demographic variables - age,gender,family,religion,ethnicity

73
Q

summarise income

A

dividing markets into different income segments often on the basis of social-economic grouping

74
Q

summarise behavioural

A

dividing a market into segments based on the different ways customers use or respond to a product and the benefits they seek

75
Q

summarise geographical

A

dividing a market into different geographical units such as nations, regions, cities, neighborhoods or other territories

76
Q

benefits of market segmentation

A
  • 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
Q

drawbacks of market segmentation

A
  • 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
Q
A

business- theme 1 (3 decks)

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