market research Flashcards
market research
various marketing activities used to determine the opinions, beliefs and feelings of existing and potential customers
primary research
gathering new, raw data and info that didnt previously exist and analysing it
field work field research
secondary research
collecting previously gathered data, by another source and using it
no fieldwork
desk research
examples od primary research
- surveys
- interviews
- focus groups
- observations
examples of secondary research
- market analysis
- academic journals
- government publications
- media articles
surveys
data collection tool, used to gather primary market research abt individuals opinions, using a series if standarised questions
advantages of surveys:
- relatively quick and cheap if online
- serves for a broad range of research purposes
- reliable and generalisable
disadvantages of surveys
- bias may occur
- time consuming to do it face to face
interviews
data collection tool used to gather primary research, in the form of an interview between the inverviewr (market researcher) nd the intervee ( respondent) for feedback and opinions
advantages of interviews
- large amounts of qualitative data
- clarifications of questions
- moulded specifically for the needs of the organisation
disadvantages of interviews
- not representative
- interviewer bias
- time consuming and costly
focus groups
small groups of targeted customers with shared characteristics and or simmilar interests that are put tgether so that the researchers can give them topics for discussion regarding specific products new perspectives
advantages of focus groups
- identifying desires
- gatherring opinions
- lower costs
-diverse perdpectives
disadvntages of focus groups
- respondent bias (peer pressure)
- time consuming analysis
- lack of privacy
observations
researchers watching, monitoring and analysing the customers in various situations
advantages of observations
- not reliant on ppls willingness to participate
- accurate realistic results
disadvantages of observations
- time consuming to analyse an interpret
- hawthornes effect
market anaysis report
the collection of data and information that was previously collected by another source
this contains info abt certain products, markets, industry,
advantages of market analysis report
- cheap
- detailed info abt various aspects of a …..
disadvantages of market analysis report
- expensive if they gotta be paid for
- become outdated quickly
- competitors an acesst those as well as theyre not exclusive to anyone
academic journals
publications containing latest educational research and academic theory
written by leading academics from various universities
advantages of academic journals
- most up to date research in any academic discipline
- reliable
disadvatages of academic journals
- not always relevant to business
- you have to pay
government publications
official documents published by the government, no standarised format in the presentation
-economis forecasts
- tourism data
- demographic trends
-budget documents for central governmets
government publications advantages
- comprehensive and reliable
- up to date
- lots of them, covering various topics
- a lot are free
disadvantages of government publications
- due to the large quantities of them, its hard to find and idetify them
- pay for some
media articles
professional documents and articled in print or online media written by authors and journalists on various informstion
advantaes
available 24/7
maintained regularily updated frequntly
- no dubscriptions
media articled disadvantahes
- bias
- still they get outdated quickly
- many do requore subsriptions
online content
gathering data from the internet (company websites, web)
many ofthe previously mentioned sources can be found there at least
online content advantages
- broad range data
- quick and cheap
- up to date
online content disadvantages
subsciptions
must be maintained regularily
hard to fine the best
