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Business > Market Research > Flashcards

Market Research Flashcards

1
Q

What is market research?

A

Gathering and analysing research to aid a marketing strategy

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2
Q

How is market research useful

A

It can provide insight that can aid marketing strategies and decision making

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3
Q

what is product orientation

A

focuses on the characteristics of the product, rather than consumer needs

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4
Q

disadvantages of being too product orientated

A

business may move further away from what the market is looking for over time, thus increasing the risk of business failure

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5
Q

advantages of being product orientated

A
  • allows business to focus on the product’s quality
  • can innovate the product to make it stand out
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6
Q

what is market orientation

A

a marketing approach which focuses on customer wants and needs

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7
Q

advantages of market orientation

A
  • fits customer expectations (therefore builds a loyal fanbase)
  • consistent new/improved products to entice new customers
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8
Q

disadvantages of being too market orientated

A
  • regularly changing the product may leave original customers confused about what the brand stands for
  • may struggle to keep up with the technology of product-orientated businesses
  • if customers care more about cutting edge products and innovation, this approach may be lacking
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9
Q

what is primary research

A

data collected first-hand for a specific purpose

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10
Q

what is secondary research

A

data that already exists because it was collected for another purpose

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11
Q

advantages of primary research

A
  • the information gathered will be focused on the purpose of the research
  • research isn’t available to rivals
  • in-depth information
  • up-to-date and relevant information (specific questions)
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12
Q

disadvantages of primary research

A
  • sample size may be too small
  • may be some bias if respondents answer in a certain way
  • respondent’s answers may be influenced by others or not be accurate
  • expensive + time-consuming because specialist market research teams need to be hired
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13
Q

main methods of primary research (4)

A
  • observation
  • surveys (most common)
  • focus groups
  • test marketing
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14
Q

advantages of secondary research

A
  • quicker to collect because the information is already available
  • cheaper because most information is free to collect
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15
Q

disadvantages of secondary research

A
  • may lack relevance to the specific question because it has been collected for other purposes
  • may not be factually correct (Wikipedia)
  • you can purchase specialist data such as MINTEL reports, but this is expensive
  • information may be out of date, especially for dynamic markets
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16
Q

outline quantitative research

A
  • based on/focused on data
  • questions such as ‘how many?’ ‘how often’ etc.
  • based on large samples (more statistically valid)
17
Q

advantages of quantitive research

A
  • data is easy to analyse
  • numerical data is easy to compare
18
Q

disadvantages of quantitative research

A
  • doesn’t explain why things happen
  • doesn’t show the reason behind the statistics
19
Q

outline qualitative research

A
  • based on opinions and beliefs
  • questions such as ‘why?’ and ‘how?’ etc.
  • aims to understand customer behaviour
20
Q

advantages of qualitative research

A
  • useful in product development (based on customers’ opinions)
  • allows business to adapt products based on customer needs
  • easy to highlight issues
21
Q

disadvantages of qualitative research

A
  • expensive to collect and analyse because specialist research skills are needed
  • may not be representative or valid because data is based on opinions (could be a bias)
22
Q

3 ways in which ICT can support market research

A
  • make company websites to track customer searches etc.
  • make databases to store customer information
  • helpful in gathering information about consumer online through social networks
23
Q

what are the 4 market segmentations

A
  • geographic
  • demographic
  • behavioural
  • psychographic
24
Q

examples of geographic segmentation

A
  • customer location
  • region
  • rural/urban landscape
25
Q

examples of demographic segmentation

A
  • age
  • gender
  • occupation
  • social class
26
Q

examples of behavioural segmentation

A
  • usage (of product)
  • benefits from the product
  • loyalty status
  • eagerness to purchase
27
Q

examples of psychographic segmentation

A
  • personality
  • lifestyle
  • attitudes
28
Q

why is it important for businesses to segment their markets

A
  • to match specific customer needs
  • opportunity for growth
  • effective/different promotion based on segment
  • possibilities of gaining a higher share of the market
29
Q

advantages of market segmentation

A
  • recognises that consumers are not identical
  • allows products to be altered in a way that will attract more customers
  • less expensive and wasteful than wasting marketing to the wrong audience
  • may increase loyalty if consumers feel as though they’re being heard
30
Q

disadvantages of market segmentation

A
  • not everyone within a segment behaves the same
  • hard to identify segments since consumers can fall into many
  • requires detailed market research which takes time and costs money
  • the identified segment may be too small and unprofitable to work for, meaning the time taken was useless
31
Q

why is market research important

A
  • so identical products aren’t created
  • meets customer needs
  • avoids wasting funds

Business (11 decks)

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