Market Reserach Flashcards
1
Q
Market orientation
A
- decisions taken based around customers needs and wants rather than what is right for business
2
Q
Product orientation
A
-business develops products based on what they are good at doing rather than what customers want
3
Q
Market research
A
- collecting, analysing and interpreting info about a target market, consumers, competitors and industry as a whole
4
Q
Uses of market research
A
- gain detailed understanding of customers needs
- decrease in risk of business failures
- forecast future trends
5
Q
Quantitive data
A
- based on data
- numbers
- large samples
- more statistically valid
6
Q
Qualitative data
A
- opinions, attitudes and beliefs
- research questions
- aims to behave in certain way and how they respond to poor duct or service
7
Q
Market orientation uses
A
- needs of customer is the main focus
- success depend on customer satisfaction
- customer should be more accepting of the product as it meets their needs
- danger of developing similar products to other businesses
8
Q
Product orientation uses
A
- innovation main focus
- customers need to be educated about benefits of products
- create unique products that offer something different to competitors
- risk higher than there is no market for product
9
Q
Primary research
A
- new, carried out to answer specific questions
10
Q
Questionnaires
A
- survey of customers who use business
-gather Quantitive data - measure customer satisfaction
- clear idea where to improve
11
Q
Interviews
A
- carry out interviews
- more entailed than survey to gauge reactions to new ideas
12
Q
Observation
A
- gather data observe buyer behaviour
- what items they pick up
13
Q
Loyalty cards
A
- Track customer behaviour
- take up promotions, target customer
- marketing cost very effective
14
Q
Focus group
A
- take part in trail- target group
- use product overtime- get together in group
- qualitative data - detailed feedback
15
Q
Test marketing
A
- invent, produce , buy new product
- getting feedback from select group before launching
16
Q
Benefits primary data
A
- reliable as new
- competitors can’t see
17
Q
Drawbacks market research
A
- may take a while to find
- expensive
18
Q
Secondary research
A
- making use of info previously researched for other purpose
- publicly available
19
Q
Annual reports
A
- previous annual report
- ltd and plc
- profit and loss statement
- good idea about financial health
20
Q
Internal data
A
- stat collected over a number of years
- sales useful for forecasting future sales
21
Q
Government sources
A
- ONS - demographic info- on market business is in
- make decisions about expanding overseas
- department for business and industry has useful information for business
22
Q
Trade journals
A
- magazines and websites, specific market
- info on competitor activity e.g promotion
- news specific to industry
- trends in market
23
Q
Secondary research benefits
A
- quick, easy access
- less expensive
24
Q
Secondary research drawbacks
A
- anyone can access
- maybe out of date
25
Market research companies
- intel trends and reports - trend analysis
- report cost
- change in culture and society
