market research Flashcards
define market research
gathering information to identify customer wants and needs
set objectives for market research
- find out everything you can about your target market (income, hobbies, lifestyle)
- what target market wants (product)
- how much they willing to pay (price)
- where they shop or likely to shop for the product(place)
what websites, social media and tv programs do they view (promotion)
define primary market research
gathering new data that is specific to the business and up to date
types of primary research
- focus groups
- surveys
- test marketing
- observations
define secondary market research
gathering data that already exists
types of secondary research
- records of past advertising
- sales stats
- company reports
what is qualitative research
gathering detailed information e.g. focus groups, observations
what is quantitative research
gathering information which can be put into statistics e.g. surveys and questionnaires
what is a focus group
consists of a small group of people usually 4-6 who give detailed responses to questions they are asked
what is a survey
a series of closed questions meaning they are usually multiple choice
what is test marketing
selling a new product in a small section of the market in order to assess customer reaction
what is observation
watching how consumers behave e.g. how many look at a display or the routes they take through supermarkets
sampling
to make you research more reliable you would want a larger sample size to test on
product orientated
business focuses on what its good at making rather than what customers want. lots of investment into R&D needed to innovate
market orientated
business bases its product off customers wants and needs. lots of investment into market research needed
