market research Flashcards

1
Q

product oriented business

A

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

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2
Q

market oriented business

A

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

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3
Q

market reasearch

A

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

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4
Q

why is market research needed?

A

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

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5
Q

market research is used to find answer to the question?

A

what is competetion like?

does costumers like my product?

who are my costumer

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6
Q

uses of market research

A

identify costumer needs

discover current and future market size

decide on how to price the product and promote it

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7
Q

types of information

A

-quantitative
-qualitative

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8
Q

both type of information can be gathered as:

A

-primary research

-secondary research

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9
Q

primary research

A

is the collection and collation of original data

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10
Q

examples of primary market research

A

-questionnaire
-focus groups
-interviews
-observation

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11
Q

sample

A

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

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12
Q

a random sampling

A

occurs when people are seletcted at random for research

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13
Q

quota sampling

A

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

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14
Q

questionnaire(primary research)

A

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

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15
Q

questionnaire advantage

A

-detailed information can be collected

-costumer opinion about the product can be collected

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16
Q

questionannaire disadvantage

A

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

-time-consuming

17
Q

interview advantage

A

-interviewer can explain question and can ask follow up questions

  • can gather detailed response and interpret body language
18
Q

interview disadvantage

A

-time-consuming and expensive

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

19
Q

focus group

A

a group of people representative of the target market

20
Q

focus group advantage

A

they can provide detailed information about the comsumer’s opinion

21
Q

focus group disadvantage

A

-time-consuming
-expensive

22
Q

observation(primary research)

A

this can take the form of recording,watching and auditing

23
Q

observation advantage

A

inexpensive way of gathering data

24
Q

observation disadvantage

A

only gives basic figures

25
secondary research
use of information that has already been collected
26
who carries out market research
specialist market research agencies
27
internal resource
obtained from inside the business
28
internal resource examples
finance department costumer service department
29
External resource
this is information observed from outside the country
30
external resource example
-newspapers -internet -market research agencies
31
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
32
how to design and use questionnaire
-who do i need to ask? -what do i need to find out?
33
writing the questions in questionnaire
-ask no more that 12 questions -make the questions simple -the order of the question should be logical
34
carrying out the questionnaire
-who to ask? -where to ask the question?
35
qualitative
opinion/judgement
36
quantitative
numerical