market research Flashcards
how does market research help a business
market research allows businesses to find information about its competitors, the market it operates and customer views
what is product orientation?
develop a product and then try to convince customers they want it
what is market orientation
complete market research to find out customers needs and wants and create a product that matches these needs
what is primary research
business collects research themselves from an original source
examples of primary research
focus groups
observation
questionnaire
interview
what is secondary research
using data that has already been collected by somebody else
examples of secondary research
online research
books
newspapers
financial accounts
what are the advantages of primary research?
information is up to date
only available to your business
the information is relevant to what your business needs should be accurate
what are the disadvantages of primary research?
can be expensive
data can take a long time to collect
what are the advantages of secondary research?
cheap
available immediately
what are the disadvantages of secondary research?
may be out of date
data available to everyone
not all information relevant
data may not be accurate
what is quantitative data
numerical data that can be used to produce statistics - done on a large scale
what is qualitative research
based on opinions, feelings and attitudes - smaller scale
why does market research fail
asked the wrong people competition more competitive than thought price too high asked wrong questions dont listen to feedback could be biased
what is market segmentation
dividing up a market into groups of customers with similar characteristics to enable businesses to more effectively target a particular segment.
