Market research Flashcards
What is market orientation?
. The implementation of the marketing concept
. Organisation-wide creation of customer value
. Creating a superior degree of customer value than competitors
What ae the three forms of market orientation? and by who
. Corporate cultural forms-e.g. competitor orientation, firm values
. Behavioural forms- e.g.customer and employee responses. intelligence gathering
.other- e.g. implementation of information into strategy
(Crick,2020)
How does market orientation link with market intelligence?
. Data about the customers’ wants and needs
. Data pertaining to competitors’ strategies and their strengths and weaknesses
. Data surrounding how departments can create value for customers
. Market orientation is about firms collecting (generating), processing (disseminating), and acting upon (responsiveness) to market intelligence
How does market orientation/intelligence improve company performance?
. New information about customers’ wants and needs
. Better knowledge about competitors’ strengths and weaknesses
. Allows for forecasting so improved decisions
. Stronger insights into how departments are able to create value for customers
What is market research?
The gathering of data and information on the market and consumer reactions to product, pricing, promotional, and distribution decisions (Jobber and Ellis-Chadwick, 2016, p. 791)
Why conduct market research?
. Understanding customers’ wants and needs-ever changing
. Identifying competitors’ strengths and weaknesses-how good are we in comparison
. Establishing price points and pricing strategies-major cause of demand
. Developing marketing plans and strategies-needed for informed decisions
What is the MIS?
Marketing information system:
System in which marketing information is formally gathered, stored, analysed and distributed to managers in accord with their informational needs on a regular planned basis.
How does the MIS fit in with the marketing environment and decision making?
marketing environement ->Data->MIS->Information ->Marketing decision making
What are the two main types of market research?
ad-hoc and continuous
What is ad-hoc research?
Focusing on a specific marketing problem at one point in time (e.g., concept tests and customer satisfaction surveys)
What are the pros and cons of ad-hoc research?
+ Can give quick and clear answers if the problem is obvious and relatively simple
+ cheaper for small firms
- may not give well-rounded analysis as it is only short term
What is continuous research?
Gathering information from external sources on an ongoing basis (e.g., television viewership panels and consumer panels)
What are the pros and cons of continuous research?
+ Well rounded analysis over a long duration
- small firms may not be able to afford
What is qualitative market research?
. In-depth and exploratory research used to understand attitudes, values, behaviours and beliefs
. Used to identify unique meanings behind issues, such as customers’ wants and needs (among other factors) that quantitative research cannot do
. Key qualitative research methods include in-depth interviews, focus groups, and ethnography
What are the evaluations of qualitative market research?
.answers through insight . valid in real life sense . Issues of sampling may affect reliability and validity . Not generalisable as small samples Time and cost (Ruyter and Scholl, 1998)
What is quantitative market research?
Descriptive and structured research to understand differences or relationships between two or more variables
Used to produce generalisable results with large samples – that qualitative research cannot do
Popular quantitative research methods include surveys, questionnaires, and experiments
What are the criticisms of quantitative research? and author
. does not explain deeper underlying reasons (beech, 2007)
What is primary market research?
. Research conducted for a new purpose, in which the data is published or in the public domain
. Can be qualitative or quantitative, including surveys, in-depth interviews, experiments, and observation
What are the pros and cons of primary market research?
+Allows researchers to control what information they collect by asking specific questions – leading to reliable results
- Drawbacks include potentially being expensive, time-consuming, and containing biased data- less appropriate for smaller firms
What is secondary market research?
Research using data that has already been collected for another purpose
Can be qualitative or quantitative, including newspaper articles, public databases, and published research studies
What are the pros and cons of secondary market research?
+Is usually cheaper and less time-consuming for researchers to conduct
-Information might be biased, out-dated, and difficult to analyse =wrong decisions
What is mixed methods research in marketing?
Integrating different sources of data, such as qualitative and quantitative and/or primary and secondary information (triangulation)
What are the pros/cons of mixed market research?
+ Used to obtain an in-depth understanding into an issue affecting companies (e.g., competitors’ activities)
- Can be very expensive and time-consuming to collect and analyse large quantities of information
What are two important considerations when developing research methids?
. Reliability and validity
