market research Flashcards
product oriented business
such firms produce the product first and then tris to find market for it
market oriented business
such firms will conduct market research to see what consumer want and then produce goods and service to satisfy them
market reasearch
the process of
gathering, analysing and interpreting information about a market or product
why is market research needed?
so they are producing goods and service that will sell succecfully in the market and generate profits
market research is used to find answer to the question?
what is competetion like?
does costumers like my product?
who are my costumer
uses of market research
identify costumer needs
discover current and future market size
decide on how to price the product and promote it
types of information
-quantitative
-qualitative
both type of information can be gathered as:
-primary research
-secondary research
primary research
is the collection and collation of original data
examples of primary market research
-questionnaire
-focus groups
-interviews
-observation
sample
a subset of a population this used to represent the entire group as a whole.selecting a sample is called sampling
a random sampling
occurs when people are seletcted at random for research
quota sampling
when people are selected on the basis of certain characteristics(age, gender, location etc)
questionnaire(primary research)
can be done face-to-face, through the telephone, post or the internet
questionnaire advantage
-detailed information can be collected
-costumer opinion about the product can be collected
questionannaire disadvantage
if questions are not clear,then unreliable answers will be given
-time-consuming
interview advantage
-interviewer can explain question and can ask follow up questions
- can gather detailed response and interpret body language
interview disadvantage
-time-consuming and expensive
-the interviewer could lead and influence the interviewee to answer a certain way
focus group
a group of people representative of the target market
focus group advantage
they can provide detailed information about the comsumer’s opinion
focus group disadvantage
-time-consuming
-expensive
observation(primary research)
this can take the form of recording,watching and auditing
observation advantage
inexpensive way of gathering data
observation disadvantage
only gives basic figures
secondary research
use of information that has already been collected
who carries out market research
specialist market research agencies
internal resource
obtained from inside the business
internal resource examples
finance department
costumer service department
External resource
this is information observed from outside the country
external resource example
-newspapers
-internet
-market research agencies
accuracy of market research data
-how carefully the sample was drawn up ,its size ,the type of people selected etc.
-age of information: research data should not be outdate
-the larger the sample, the more accurate the result
how to design and use questionnaire
-who do i need to ask?
-what do i need to find out?
writing the questions in questionnaire
-ask no more that 12 questions
-make the questions simple
-the order of the question should be logical
carrying out the questionnaire
-who to ask?
-where to ask the question?
qualitative
opinion/judgement
quantitative
numerical
