Market Research Flashcards
what are some aspects to market research
Market size
Consumer likes and dislikes
Product positives and negatives
Promotion effectiveness
Packaging effectiveness
Degree of threat from competitors
Distribution – how customers like to get the product
market research tries to analyse a consumers reaction to a change such as:
Different price levels
Alternative forms of promotion
New types of packaging
Different methods of distribution
AD HOC or Continuous
AD HOC – “As and when necessary”, on a one-off basis
Focuses on a specific marketing problem / issue at a particular point in time
CONTINUOUS – Regular and ongoing
e.g. government census, media industry “top 10” lists
what is primary research
data that is collected using tools made by the researcher (e.g. a form or questioner). this can make data confidential, up to date and also relevant to you but it costs time and money
what are some examples of surveys for primary research?
self completed survey
face to face
telephone
online survey
postal survey
what is important when making a survey
avoid bias
avoid technical Jargon/terms
include open and closed questions
have some one to test it
go from open ended to specific questions
what are interviews?
one on one discussions either via zooms or in person that can be time consuming to make and execute but also allow for very specific answers
focus groups
what a group of people think of something such as a scene in a movie.
does cost money to perform, may include bias and some participants may not get involved
Observations
something to be performed under controlled conditions or unknowingly in real life.
often used by restaurants when they check on how your food is
Market analysis
reveals characteristics, trends and outlooks of industries.
can be found in market research firms, competitors and Trade publications
Academic journals
one of the most trusted and least biased sources made by scientists and professors. Some info may be or become out dated and some of these sources cost money
Government Publications
Very reliable statistics by the government on environment and population which is usually up to date and free. may be janky and hard to navigate
Media Articles
text publications about specific topics that are released frequently. they are easy to access digitally but may have bias and cost money
Online
a wide range of free, paid, biased, neutral, bad and good information can be found online. it is available 24/7 is shared through social media and is endless.
Qualitative
usually involves non numerical answers and opinions (opposite to quantitative)
