Market Research Flashcards
1
Q
What is market research
A
Finding out what customers want so you can give it to them
2
Q
What do you need to find out when doing Market Research?
A
- What products consumers want
- What price they’re wiling to pay
- Current buying habits
- Gather info on products & pricing of competitors
3
Q
What stops some companies for carrying our market research?
A
It costs money
4
Q
What are the two types of market research & what are they good for??
A
- Field Research (also called primary or original research)
- Good for new information & getting cust views on your product
- Desk Research (also called secondary or published research)
- Gives access to wide range of data
- Looking at whole market
- Analyzing past trends
5
Q
What does Field Research involve?
A
- Questionnaires
- Telephone surveys
- Online surveys
- Customer/supplier feedback
- Focus groups
6
Q
What is a focus group?
A
- Small group of people are asked to discuss their attitudes toward a product
7
Q
What are the Pro’s & Cons of field research?
A
Pros - Up-to-date, relevant & specific
Cons - Expensive & time consuming
8
Q
What does Desk Research involve?
A
Looking at other peoples work:
- Market research reports(eg Mintel)
- Gov publications
- Articles in newspapers, mags & internet
9
Q
What are the Pros of Desk Research?
A
Pros:
- Cheaper, so often used by small companies
- Easily found
- Instantly available
10
Q
What are the Cons of Desk Research?
A
Cons:
- Not always relevant
- Not specifically about your product
- Often out of date
