Market Research Flashcards
What is market research
The collection and analysis of data and information to inform a business about the market
What conduct market research
1) identify consumer needs and wants
2) see what is demanded
3) gain insight into consumer behaviour
What is primary market research
Involves the collection of fist hand data that didn’t exist before and therefore is original data
What is secondary market research
Research that has already been undertaken by another organisation.
What are the pros and cons of primary market research
Pros
1) up to date
2) tailored to the business
3) rivals don’t have access to it
Cons
1) expensive
2) time consuming
3) some methods need certain skills
What are pros and cons of secondary market research
Pros
1) quick
2) available immediately
3) free/ fairly cheep
Cons
1) out of date
2) inaccurate
3) rivals also have access
What is quantitive data research
Based upon numerical data, measures statistical information. Based on large samples
What is qualitative data research
Based upon feelings, attitudes and opinions
What are the pros and cons of qualitative research
Pros
1) essential for new products
2) understanding the consumers want and needs
3) highlight issues
Cons
1) expensive to collect
2) based around opinions
3) risk of not telling the truth
What are the pros and condos of quantitate research
Pros
1) easy to analyse
2) can see relevant trends
3) easy to compare
Cons
1) doesn’t explain why the trends occur
2) may lack reliability
What is market oriented
When a company focuses on meeting the needs and wants of consumers
What is product oriented
When a company for us on the product rather than the markets wants
