Market Research Flashcards
What are the types of research
Primary and secondary
Define market research
It is the systematic gathering,recording and analysis of data in order to better understand the behaviour of consumers
What is primary research
It’s first hand information that is collected by the organisation itself or a hired specialist
What is secondary research
It’s second hand information that is pre existing either within the business or obtained from similar organisations
What are the 4 primary research obtaining methods
Questionnaires/ surveys
Consumer panels
Interviews
Watching consumer (naturalistic observation)
What are the 5 secondary research obtaining methods
International publications Sales records Competitors annual reports The media Stock records/ financial records
What are the two types of primary data
Quantitative
And
Qualitative
What is quantitative data
Statistics concerned with quantities
What is qualitative data
It’s insights,thoughts and opinions of consumers about an organisations product or service
What are the problems with market research
Maybe the most appropriate methods of sampling wasn’t used
Perhaps the size of the sample wasn’t large enough to be a good enough representation of target population
Bias could occur in results
What is quota sampling
It chooses those in relation to the characteristics of the population
What is cluster sampling
It’s a sampling method where a small group of the target population is chosen and the outcome is hopefully able to be generalised to the target population
What can market research do for a company
7 things
Satisfies the consumer Helps design future products Helps set prices Helps to know where to advertise Find trends in the market It's helps with knowing if further investigation is needed into the target population Helps identifies competitors
