market research - theme 1 (book1)

Question 1

product orientation is an ______ looking approach to a ____ product ______ where the key focus is on ____ products can be made and the ______ process.

Answer 1

product orientation is an inward looking approach to a new product development where the key focus is on what products can be made and the production process.

Question 2

how is product orientation informed?

Answer 2

by scientific research and technical development.

Question 3

market orientation is an ______ looking approach to ____ product ______ where the key focus is on what ______ the consumer wants.

Answer 3

market orientation is an outward looking approach to a new product development where the key focus is on what products the consumer wants.

Question 4

what is market orientation informed by?

Answer 4

by market research

Question 5

what is market research?

Answer 5

market research is the collection and analysis of data and information to inform a business about its market.

Question 6

what are 3 reasons market research is conducted?

Answer 6

1) identify and anticipate customer needs and wants
2) quantify likely demand
3) gain insight into consumer behaviour

Question 7

primary market research involves the collection of ____ hand data that did not _____ before.

Answer 7

primary market research involves the collection of first hand data that did not exist before.

Question 8

secondary market research is research that has ____ been undertaken by ____ organisation and therefore _____ exists.

Answer 8

secondary market research is research that has already been undertaken by another organisation and therefore already exists.

Question 9

what are 3 examples of primary market research?

Answer 9

1) surveys and questionnaires
2) interviews
3) focus groups

Question 10

what are 3 examples of secondary market research?

Answer 10

1) market research organisations
2) newspapers
3) the internet

Question 11

what are 3 benefits of primary research?

Answer 11

directly focused on research objectives, kept private, more detailed insights into customer views.

Question 12

what are 3 benefits of secondary market research?

Answer 12

often free and easy to obtain, good source of market insights, quick to access and easy to use.

Question 13

what are 3 drawbacks of primary research?

Answer 13

time consuming and costly, risk of bias, may not be representative

Question 14

what are 3 drawbacks of secondary research?

Answer 14

can be out of date, not tailored to business needs, can be expensive for specialist reports.

Question 15

qualitative research is the _____ of ____ to inform a company about people’s _____.

Answer 15

quantitative research is the collection of data to inform a company about people’s behaviour.

Question 16

a _______ is a group of subjects that has been chosen from a _________ group (the _______) for investigation.

Answer 16

a sample is a group of subjects that has been chosen from a larger group (the population) for investigation.

Question 17

what are 3 types of sampling?

Answer 17

random
quota
stratified

Question 18

what are the 4 types of market segmentation?

Answer 18

demographic, geographic, psychographical, behavioural

Question 19

________ segmentation occurs when the market is _____ into ______ of customers with _______ characteristics.

Answer 19

market segmentation occurs when the market is split into subgroups of customers with similar characteristics.

Question 20

______ segmentation is identifying ______ of the market based on their _______ of income and profession.

Answer 20

income segmentation is identifying subgroups of the market based on their levels of income and profession.

Question 21

behavioural segmentation ________ subgroups based on their ______ patterns of the ______ rather than their ________.

Answer 21

behavioural segmentation characterises subgroups based on their behavioural
patterns of the consumer rather than their characteristics.

Question 22

__________ segmentation identifies ___________ of the population based on their _______ profile or __________

Answer 22

Demographic segmentation identifies subgroups of the population based on their demographic profile or characteristics.

Question 23

Geographic ______ defines the market based on where people ______ e.g; regions, _______ or neighbourhoods.

Answer 23

Geographic segmentation defines the market based in where people live e.g regions, cities or neighbourhoods.

Question 24

psychographic _________ is _______ people _______to their ________ opinions and _________.

Answer 24

psychographic segmentation is grouping people according to their attitudes, opinions and lifestyles.

Question 25

what are 3 benefits of market segmentation?

Answer 25

1) advertising can be targeted at specific market segments so spend is more effective.
2) helps firms improve their products and customer service.
3) new products can be easily identified.

Question 26

what are 2 drawbacks of market segmentation?

Answer 26

1) can be hard to target once segmented.
2) trends and consumer tastes are always changing