Marketing And Market Research Flashcards
What is marketing?
The process of meeting customer needs and wants
What is market research?
Techniques used by a business in order to learn about customer needs and desires and how the market currently meets these demands
In what ways do the markets keep changing?
Customer tastes Competitive behaviour The social and legal environment Then economic climate Technology
What aspects can market research reveal?
How big a market is
How fast the market is growing
How much potential a market has
What kinds of customers there are in that market
How is market research used to understand existing customers?
What they think about your products and/or services
What they expect from you
How they rate your customer service
How you could develop or refine your product or services
How is market research used to understand potential customers?
Who your potential customers are
Why they buy a specific product or service
What it would take to get them to buy from you
When and where they prefer to buy your product or service
What is primary data and what is one negative and positive attribute of it?
It is data collected first hand for a specific purpose of an individual business
It can be time consuming but is direct to your customer base
What is secondary data and what is one negative and positive attribute of it?
Data that has already been collected for a different purpose that may apply to your business
It provides quick and easy information but with gaps that may not be specific to your business
What are the 8 main sources of primary data?
Observations Postal surveys Telephone interviews Online surveys Focus groups Face to face talks Test marketing Experiments
What is sampling? And what is a negative of it?
Using a group of people that is intended to represent the overall target population
It relies on depending upon those selected people to give a viable and suitable result that can answer for a much larger group of people
What are the 7 main sources of secondary data?
Google Government sources Trade associates Directories Price comparison websites Competitor materials Market research reports
