Market Research (IGCSE 3.2.1) Flashcards
Market Research
Collections and analysis of data about consumer preferences, spending patterns and other marketing conditions.
Quantitative Data
Numerical information
Qualitative Data
Written or verbal information
Primary research
Collection of original data directly from potential or existing customers. This is also known as field research.
What are the different types of primary research methods?
- Questionnaires
- Interviews
- Focus groups
- Observation
Questionnaire
A set of questions to be answered in order to collect data. This can be done through the internet, face-to-face, calls or post.
2 Advantages of Questionnaires
- Can be carried out online, making it cheaper and easier
- Scalable due to the internet
2 Disadvantages of Questionnaires
- If questions are not well though out, the answers will not be very accurate
- Difficult to observe emotions and feelings towards your product without it being in-person
Secondary Research
Research using existing data from existing sources
Test Marketing
A limited trial of a new product. This is done to gather consumer reactions to the new product to see if it is a good idea to sell.
Random Sampling
Choosing consumers to interview or survey at random
Quota Sampling
Choosing consumers to interview according to pre-specified characteristics, such as ages or sex.
Why is market research done?
To identify if there is a gap in the market, a consumer want that has not been satisfied or if a want for a new product can be created using persuasive advertising.
What are the different types of secondary research?
- Government reports and other documents
- Newspapers and magazines
- The internet
Disadvantages of secondary research
- Competition will have access to same info
- Research may be out of date
- Research may not exactly tailor to what data you need
