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market research Flashcards

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1
Q

what is marketing?

A

the process of identifying, anticipating and satisfying customer requirements profitably

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2
Q

what is market research?

A

the action or activity of gathering information about consumers needs and preferences

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3
Q

why do businesses conduct market research?

A

-an aid to decision making
-to target more effectively
-reduces the risk
-to identify new opportunities

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4
Q

what are the benefits of market research?

A

-helps to improves sales
-to understand the markets desires
-reduces the chance to failing

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5
Q

what are the drawbacks of market research?

A

-costs money to collect research
-time consuming
-might not produce accurate or reliable data

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6
Q

what are the 2 types of market research?

A

-primary
-secondary

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7
Q

what is primary research?

A

primary research gathers first hand information. this means that the data is new (primary data), and should be relevant to the business

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8
Q

what are the advantages of primary research?

A

-the research carried out is only available to the business
-it can be targeted for specific needs that a business may have identified

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9
Q

what are the disadvantages of primary research?

A

-can be very expensive to collect= could this money be used on secondary research
-time consuming= would the market change by the time the data is received
-can have problems of bias

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10
Q

what are some methods of primary research?

A

-questionaries= designed to gain specific information based on questions
-focus groups= people meet regularly to have chaired discussions
-consumer panels= similar to focus groups but more product orientated

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11
Q

what is secondary research?

A

involves the use of previously collected information. the information gathered is not used for the business but instead adapted for its use

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12
Q

what are the advantages of secondary research?

A

-it is inexpensive to collect and quick to obtain
-enables costs= effective analysis of several data sources

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13
Q

what are the disadvantages of secondary research?

A

-often out of date
-might not be available
-little control over quality

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14
Q

what are some methods of secondary research?

A

-official publications= traditional method of desk research, census reports, surveys
-industry magazines= provides a wealth of information on specific retail and product areas
-internal information= use of businesses internal information such as sales and customer data figures

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15
Q

what is qualitative research?

A

qualitative research seeks to gather opinions and views

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16
Q

what is quantitative research?

A

quantitative research aims to gather information based on facts and figures that can be tested

17
Q

what are the advantages of qualitative research?

A

-Essential for important new product development and launches
-Can highlight issues that need addressing – e.g. why customers don’t buy

18
Q

what are the disadvantages of qualitative research?

A

-Expensive to collect and analyse
-Based around opinions

19
Q

what are the advantages of quantitative research?

A

-gives the ability to collect large amounts of data
-reliable and objective insights of data

20
Q

what are the disadvantages of quantitative research?

A

-Focuses on data rather than explaining why things happen
-May lack reliability if sample size and method is not valid

21
Q

what is sampling?

A

is a method of answering questions that deal with a larger target population by selecting a smaller subset of the population

22
Q

what can sampling be used to find?

A

-needs of the customer
-how a business can best meet their needs

23
Q

what are the 2 issues with businesses conducting sampling?

A

-if the sample is very large, the research will take a long time and can be expensive
-if the sample to too small, then there is a chance random factors will make the results inaccurate

24
Q

what is random sampling?

A

every member of the population has an equal chance of being interviewed or asked

25
Q

what is quota sampling?

A

the population is segmented into a number of groups which share specific characteristics

Business (9 decks)

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