Market Research Flashcards
Market research
Gathering info about market
Product oriented business
Main aim to focus on product
Market oriented business
Carry out market research before developing product
Marketing budget
Financial plan for marketing of product range for an amount of time
Primary research
Data collected directly from customers
Adv of primary data
- up to date
- relevant to business
- first hand
- not available to other businesses
Disadv of primary data
- time consuming
- expensive
Adv of questionnaire
- detailed qualitative info
- customer opinions obtained
- can be online
Disadv of questionnaire
- open ended questions, answers not accurate
- time and money
- result analysis time consuming
Adv of online survey
- fast response
- easy to complete
- cheaper than interview
- data easily analysed
Disadv of online survey
- cannot reach respondents with no internet
- respondents may answer carelessly
- some ppl answer for incentives
Adv of interviews
- interviewer explain questions interviewee don’t understand
- detailed info gathered
Disadv of interviews
Time consuming
Adv of focus groups
- detailed info
- quicker
- cheaper
Disadv of focus groups
- time consuming
Sample
Ppl who are selected to respond to market research exercise
Random sample
Everyone has same chance of getting picked
Quota sample
Ppl selected based on certain characteristics
Secondary research
Use info that has alr been collected
Adv of secondary research
- cheaper
- quicker
- help address total size of market
Disadv of secondary research
- out of date
- available to all businesses
- not completely relevant
Internal source of secondary data
Readily available from business own records
External source of secondary research data
- gov statistics
- newspaper
- online sources
