Market Research Flashcards
1
Q
what is market research?
A
- the process of gathering primary and secondary data on the buying habits, lifestyles, usage and attitudes of actual potential customers
2
Q
what are 3 benefits of market research?
A
- reduce risk of failure
- identify target market
- can identify opportunities and threats
3
Q
what are 3 weaknesses of market research?
A
- doesnt guarentee success
- time consuming
- costly
4
Q
what are 3 reasons for carrying out extensive market research?
A
- aid decision making
- identify customer needs and wants
- gain competitive advantage
5
Q
what are 3 reasons against carrying out extensive market research?
A
- costly
- secondary data may be outdated
- doesnt guarentee success
6
Q
what is primary research?
A
- collecting data and information that doesnt already exist
- for a specific purpose
7
Q
what are some examples of primary research?
A
- questionnares
- interviews
- focus groups
8
Q
what are 2 pros and 2 cons of primary research?
A
+ competitive advantage
+ targets specific needs
- costly
- time consuming
9
Q
what is secondary research?
A
- identifies, collects and collates information that is already in existence
10
Q
what are some examples of secondary research?
A
- business documents
- magazines
11
Q
what are 2 pros and 2 cons of secondary research?
A
+ inexpensive
+ quick
- out of date
- little control over quality
12
Q
what is quantitative data?
A
- statistical data
- objective
13
Q
what is qualitative data?
A
- attitudes, beliefs and intentions
- subjective
14
Q
what is a sample in market research?
A
- a group of respondents to a market research exercise who are selected to be representative of the views of the target market as a whole
15
Q
what is quota sampling?
A
- the population is segmented into a number of groups that share specific characteristics
16
Q
what is random sampling?
A
- every member of the population has an equal chance of being interviewed
17
Q
what is bias?
A
- something that may cause data within a sample to be weighted towards one side
