Market Reserach

Question 1

Market orientation

Answer 1

• decisions taken based around customers needs and wants rather than what is right for business

Question 2

Product orientation

Answer 2

-business develops products based on what they are good at doing rather than what customers want

Question 3

Market research

Answer 3

• collecting, analysing and interpreting info about a target market, consumers, competitors and industry as a whole

Question 4

Uses of market research

Answer 4

• gain detailed understanding of customers needs
• decrease in risk of business failures
• forecast future trends

Question 5

Quantitive data

Answer 5

• based on data
• numbers
• large samples
• more statistically valid

Question 6

Qualitative data

Answer 6

• opinions, attitudes and beliefs
• research questions
• aims to behave in certain way and how they respond to poor duct or service

Question 7

Market orientation uses

Answer 7

• 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

Question 8

Product orientation uses

Answer 8

• 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

Question 9

Primary research

Answer 9

• new, carried out to answer specific questions

Question 10

Questionnaires

Answer 10

• survey of customers who use business
  -gather Quantitive data
• measure customer satisfaction
• clear idea where to improve

Question 11

Interviews

Answer 11

• carry out interviews
• more entailed than survey to gauge reactions to new ideas

Question 12

Observation

Answer 12

• gather data observe buyer behaviour
• what items they pick up

Question 13

Loyalty cards

Answer 13

• Track customer behaviour
• take up promotions, target customer
• marketing cost very effective

Question 14

Focus group

Answer 14

• take part in trail- target group
• use product overtime- get together in group
• qualitative data - detailed feedback

Question 15

Test marketing

Answer 15

• invent, produce , buy new product
• getting feedback from select group before launching

Question 16

Benefits primary data

Answer 16

• reliable as new
• competitors can’t see

Question 17

Drawbacks market research

Answer 17

• may take a while to find
• expensive

Question 18

Secondary research

Answer 18

• making use of info previously researched for other purpose
• publicly available

Question 19

Annual reports

Answer 19

• previous annual report
• ltd and plc
• profit and loss statement
• good idea about financial health

Question 20

Internal data

Answer 20

• stat collected over a number of years
• sales useful for forecasting future sales

Question 21

Government sources

Answer 21

• ONS - demographic info- on market business is in
• make decisions about expanding overseas
• department for business and industry has useful information for business

Question 22

Trade journals

Answer 22

• magazines and websites, specific market
• info on competitor activity e.g promotion
• news specific to industry
• trends in market

Question 23

Secondary research benefits

Answer 23

• quick, easy access
• less expensive

Question 24

Secondary research drawbacks

Answer 24

• anyone can access
• maybe out of date

Question 25

Market research companies

Answer 25

• intel trends and reports - trend analysis
• report cost
• change in culture and society