market research Flashcards
what is sampling
sampling involves the gathering of data from a sample of respondents, the results of should should be representative of the population as a whole
benefits of sampling
- even and relatively small sample size can provide useful research insights
- using sampling before making marketing decisions can reduce risk and costs
- sampling is flexible and relatively quick
random sampling
a simple sampling method to design and interpret - useful if the product has mass appeal
not completely random the firm has spent a large amount of time finding an accurate list to pick the sample
may take time and be costly particularly if it involves visits across the country
ICT is often used to help with choosing the random sampling (surveys)
difficulties keeping it random (selecting 50 people from a certain place at a certain time)
quota sampling
a sample is chosen with the aim of representing the overall population
the population is divided by the most key data
the sample are then surveyed as they pass the interviewer
commonly used when completing surveys to gain customer opinion as it is quicker and cheaper
may develop bias (all selected at particular part of the day)
if an individual does not visit the place there is no chance of being survey
therefor cannot be used to predict the behaviour of the whole population as accurately
stratified sampling
a group of respondents are selected randomly before the survey is carried out, but from a very specific sub group (gender, age, income)
often more suitable for mail, email or phone surveys
less bias and should more accurately reflect the views of the company’s target audience
factors that influence the choice of sampling method
time
cost
stage of life cycle
new or existing product
market position (mass or niche)
target audience and characteristics
how focused, needs and wants
existing knowledge
what is market mapping
is the process of using a graph to plot competitors and their products to understand competitor behaviour and spot a gap in the market. It also allows a business to see who their competition will be and what other products and services are available I the same sector
what is market research
market research involves the gathering and analysis of research to help support the implementation of marketing strategy
the right kind of market research can provide important insights that aid marketing strategy and decision making
- competitors strategies
- dimensions of the market
- needs, wants and expectations of customers
- market segments -exiting and potential opportunities for new segments
what is primary research
reseat you conduct yourself that involves going directly to a source - usually customers and prospective customers in your target market
what is secondary research
when a company uses existing information from other sources, line reports, articles to surveys to learn about its market and customers
primary research - benefit
guarantees that the information collected is up to date and relevant, enabling accurate trends to be revealed
primary research - drawbacks
expensive
time consuming
lack of research experience
risk of bias
challenging to collect
primary methods of research
focus groups
observation
online surveys
telephone interviews
test markering
experiments
secondary methods of research
published market research reports
internal transactional data
google official statics
trade associations
media reports
competitor materials
quantitative research
concerned with and based on data
addresses research questions such as how many, how often, who, when and where
based on larger samples and is therefore more statistically valid
main methods of obtaining quantitive data are the various forms of surveys - phone, postal online and face to face
