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Marketing > Higher Business > Market Research > Flashcards

Market Research Flashcards

1
Q

what are the types of market research

A

desk and field

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2
Q

why is market research important

A

anticipates changes in market and customer tastes, keep ahead of competitors, ensures correct price/promotions are set

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3
Q

what are the methods of field research

A 
telephone survey
postal survey
online survey
personal interview
hall tests
focus groups
consumer audit 
test marketing
EPOS
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4
Q

what are the methods of sampling

A

random sampling
quota sampling
stratified random sampling
cluster sampling

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5
Q

what are the advantages of postal surveys

A
  • cheap to send survey to large no. of people over a wide geographical area
  • people can complete survey at own pace & time that suits them
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6
Q

what are the disadvantages of postal surveys

A

• people need to
open survey sent to them in post and send it back- might not do it
• can take time to get info back
• no opportunity for respondent to clarify anything they don’t understand
• survey must be designed carefully so it’s not misinterpreted

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7
Q

what are the advantages of telephone surveys

A
  • large no. people all over country contactable
  • less expensive to carry out compared to personal interview
  • info obtained instantly
  • clarification can be given
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8
Q

what are the disadvantages of telephone surveys

A
  • people might not want to participate
  • unsuitable for large surveys since people often only willing to answer a short survey over telephone due to time it would take for a larger one
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9
Q

what are the advantages of hall tests

A
  • product is tried by participant who can report back on their actual experience
  • relatively inexpensive
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10
Q

what are the disadvantages of hall tests

A
  • opinions & views (qualitative info) can be difficult to analyse
  • participant might give response they think the org. wants to hear so they don’t seem rude
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11
Q

what are the advantages of observation

A
  • facts & figures (quantitative info) are gathered which are easier to analyse than qualitative info
  • people being observed might no be aware so will act naturally
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12
Q

what are the disadvantages of observation

A
  • those being observed not usually asked for opinion or explanation as to why they did/didn’t do something
  • there’s privacy & ethical issues to consider when observing
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13
Q

what are the advantages of consumer audit

A
  • info is gathered over a period of time & customer trends can be identified
  • more detailed feedback gathered on products to shape future changes
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14
Q

what are the disadvantages of consumer audit

A
  • ’participants receive payment which can be expensive

* info recorded may be inaccurate/incomplete

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15
Q

what are the advantages of online surveys

A
  • link to survey website can be sent to large no’s
  • don’t need money to print surveys
  • people all over world can participate
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16
Q

what are the disadvantages of online surveys

A
  • relies on internet connection

* no personal contact with participants

17
Q

what are the advantages of focus groups

A
  • feelings&views & body language of people can be observed
  • points not understood can be clarified
18
Q

what are the disadvantages of focus groups

A

• time consuming & expensive
• info can be difficult to analyse
• sample of people used might not represent views of whole
population

19
Q

what are the advantages of personal interviews

A
  • allows 2 way communication
  • interviewer can response to customers body language, tone of voice & facial expressions to encourage fuller responses
20
Q

what are the disadvantages of personal interviews

A
  • can take a lot of time to conduct interviews

* customers might feel this sort of questioning is a nuisance and not want to respond

21
Q

what are the advantages of test marketing

A
  • changes can be made to products before launched to wider market
  • money can be saved on launching a product to wider market if its unsuccessful in test area
22
Q

what are the disadvantages of test marketing

A

• customers in 1 area might not have tastes that are representative of wider market

23
Q

what are the advantages of EPOS

A
  • gathers vital info about consumer behaviour (when and what they buy)
  • allows retailers to offer promotions tailored to individual customers needs and preferences
24
Q

what are the disadvantages of EPOS

A
  • can be v expensive & time consuming to set up systems

* can lead to lower profits when used with loyalty cards when vouchers are issued

25
Q

what is test marketing

A

when a new product is launched in a regional area & the reaction is monitors so successful products are then launched to a wider market

26
Q

what is EPOS

A
  • electronic point of sale
    where info on customer preferences and habits is gathered as their loyalty cards are swiped - its used in conjunction with loyalty schemes to match purchasing info with customer details
27
Q

what are postal surveys

A

where a list of Qs is sent to people though post and they must send it back

28
Q

what are telephone surveys

A

when people are contacted by telephone & asked to answer Qs

29
Q

what are hall tests

A

where a product is given to customers to try and they’re asked for feedback on product

30
Q

what is observation

A

where an observer watches something and records what happens (how many times something happens/ someone does something)

31
Q

what is consumer audit

A

where customers are asked to record their responses to products they’ve purchased

32
Q

who usually uses consumer audit and why

A

large market research companies to continually monitor customer habits and influences

33
Q

what are online surveys

A

where people answer Qs displayed on a website

34
Q

what is a focus group

A

a discussion between selected people about a specific good/service

35
Q

what are personal interviews

A

where interviews are conducted as a street surveys or by caol calling at customers homes

Marketing > Higher Business (11 decks)

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