Market research Flashcards
Define market research
The collection and analysis of data and information to inform a business about its market
What is data collected and analysed used for
Identify wants and needs, quantify demand, learn customer behaviour, spot market trends and inform the marketing mix
What is Primary market research (field research)
The collection of first hand data that did not exist before and therefor is original data
List the types of primary research
Surveys and questionnaires, in depth interviews, focus groups and observations
Define secondary market research
Research that already exists and has been undertaken by another organisation
Give some examples of secondary market research
Office for national statistics, trade unions and international bodies (EU), the internet
Define qualitative research
The gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour
Define quantitative research
The gathering of statistical data to inform the company about peoples behaviour but does not identify the needs
What factors affect selecting the most appropriate method of research
Budget available, time constraints, internal expertise, purpose of research and importance of confidence levels
What is a sample
A group of subjects that has been chosen from a larger group (the population) for investigation
What does the value of sampling depend upon
The sample technique used, how the sample was carried out and the size of the sample
What does the size of a sample depend upon
The budget available, the importance of accuracy and degree of confidence in the results
Describe random sampling
A sample is selected for study from a population where each individual is chosen entirely by chance and has an equal chance of being selected
Describe quota sampling
The population is first segmented into subgroups before a judgement is made in selecting respondents that are representative of that subgroup
What are the limits of market research
Past data may not represent the future fairly, accuracy of findings, if data was analysed correctly, financial and opportunity costs and bias
