market research

Question 1

product oriented business

Answer 1

such firms produce the product first and then tris to find market for it

Question 2

market oriented business

Answer 2

such firms will conduct market research to see what consumer want and then produce goods and service to satisfy them

Question 3

market reasearch

Answer 3

the process of
gathering, analysing and interpreting information about a market or product

Question 4

why is market research needed?

Answer 4

so they are producing goods and service that will sell succecfully in the market and generate profits

Question 5

market research is used to find answer to the question?

Answer 5

what is comepetetion like?

Question 6

uses of market research

Answer 6

identify costumer needs

discover current and future market size

decide on how to price the product and promote it

Question 7

types of information

Answer 7

-quantitative
-qualitative

Question 8

both type of information can be gathered as:

Answer 8

-primary research

-secondary research

Question 9

primary research

Answer 9

is the collection and collation of original data

Question 10

examples of primary market research

Answer 10

-questionnaire
-focus groups
-interviews
-observation

Question 11

sample

Answer 11

a subset of a population this used to represent the entire group as a whole.selecting a sample is called sampling

Question 12

a random sampling

Answer 12

occurs when people are seletcted at random for research

Question 13

quota sampling

Answer 13

when people are selected on the basis of certain characteristics(age, gender, location etc)

Question 14

questionnaire(primary research)

Answer 14

can be done face-to-face, through the telephone, post or the internet

Question 15

questionnaire advantage

Answer 15

-detailed information can be collected
-online surveys will be cheaper and easier to collate and analyze
-costumer opinion about the product can be collected

Question 16

questionannaire disadvantage

Answer 16

if questions are not clear,then unreliable answers will be given

-time-consuming

Question 17

interview advantage

Answer 17

-interviewer can explain question and can ask follow up questions

• can gather detailed response and interpret body language

Question 18

interview disadvantage

Answer 18

-time-consuming and expensive

-the interviewer could lead and influence the interviewee to answer a certain way

Question 19

focus group

Answer 19

a group of people representative of the target market

Question 20

focus group advantage

Answer 20

they can provide detailed information about the comsumer’s opinion

Question 21

focus group disadvantage

Answer 21

-time-consuming
-expensive

Question 22

observation(primary research)

Answer 22

this can take the form of recording,watching and auditing

Question 23

observation advantage

Answer 23

inexpensive way of gathering data

Question 24

observation disadvantage

Answer 24

only gives basic figures

Question 25

secondary research

Question 26

internal resource

Question 27

internal resource examples

Question 28

External resource

Answer 28

this is information observed from outside the country

Question 29

external resource example

Answer 29

-newspapers
-internet
-market research agencies

Question 30

who carries out market research

Answer 30

specialist market research agencies

Question 31

accuracy of market research data

Answer 31

-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

Question 32

how to design and use questionnaire

Answer 32

-who do i need to ask?

-what do i need to find out?

Question 33

writing the questions in questionnaire

Answer 33

-ask no more that 12 questions

-make the questions simple

-the order of the question should be logical

Question 34

carrying out the questionnaire

Answer 34

-who to ask?

-where to ask the question?