Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business - Marketing > Marketing Mix - Market Research > Flashcards

Marketing Mix - Market Research Flashcards

1
Q

What is market research?

A

Market research aims to find out what customers want and what is happening in the market place.

It involves looking at what already exists (secondary information) and finding out something new (primary information)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What can market research find out?

A
  • The types of customers who are making purchases and their buying habits
  • How successful marketing and advertising campaigns are and whether they are cost effective.
  • What changes might need to be made to existing products to improve them
  • What customers would like to see in the future
  • How customers have reacted to, for example different products, prices and promotions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the type of market research: Field research?

A
  • Carrying out research to gather NEW information
  • Information is gathered FIRST HAND for a SPECIFIC PURPOSE
  • This information is referred to as PRIMARY INFORMATION
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the field research methods? (6)

A
  • Surveys
  • Questionnaires
  • Interviews
  • Observations
  • Hall tests
  • Focus groups
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the method of research: Desk research?

A
  • Looking at EXISTING INFORMATION – SECONDARY INFORMATION
  • From within the organisation INTERNAL
  • Or outwith the organisation EXTERNAL
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are desk research methods? (4)

A
  • Websites
  • Newspaper articles
  • Magazines
  • Text books
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the advantages of Primary information? (2)

A
  • Source is known and is therefore more reliable than secondary information.
  • Information is gathered for a specific purpose and is therefore relevant
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the disadvantages to Primary Information? (2)

A
  • Time consuming to collect, which might delay decision making.
  • Expensive to collect which will reduce profitability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the advantages of Secondary information? (2)

A
  • Easier to obtain than primary

- Usually cheaper than primary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the disadvantages of Secondary Information? (2)

A
  • If it has been collected for another purpose it may not be useful
  • Information may b biased which would lead to the wrong decision making being made
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the advantages of internal information? (2)

A
  • Unique to the organisation and is therefore relevant

- The source is known and is reliable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the disadvantages of Internal information? (2)

A
  • Information might not be up to date or complete

- Computer systems might be required to store internal information which would be expensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the advantages of the external information?

A
  • Easy to obtain, saving the organisation time

- More information can be accessed through for example the internet compared to internal information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the disadvantages of External information?

A
  • Source might not be known and could be unreliable

- The information might not be up to date so it might not be relevant any more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the field research method: Survey?

A
  • A survey/questionnaire involves asking people their views and opinions through a series of questions.
  • It could be done in person, over the telephone, through the post or more commonly now online.
  • Sometimes people might be asked for the general views on something or they might be asked to rate a certain thing for example how much the agree or disagree with something.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the advantages of a field research method: Personal survey?

A
  • Clarification can be gained
  • Body language and facial expression can be monitored
  • Information is instant
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the disadvantages of the field research method: Personal Survey?

A
  • Time consuming and expensive
  • Can only interview one person at a time
  • Researcher needs to be trained on questioning techniques
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the advantages of the field research method: Telephone surveys?

A
  • People spread across a large geographical area can be accessed
  • Less expensive than a personal interview
  • Clarification can be obtained
  • Information obtained instantly
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the disadvantages of the field research method: Telephone surveys?

A
  • People might not want to take part

- Large surveys are time consuming and as such this method is not suitable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the advantages of the field research method: postal survey?

A
  • People spread across a large geographical area can be accessed
  • Surveys can be completed at a time that people choose and is more convenient to them
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the disadvantages of the field research method: Postal surveys?

A
  • Relies on people reading their mail, competing the survey and posting it back
  • Information is delayed
  • Clarification cannot be gained
22
Q

What are the advantages of the field research method: Online surveys?

A
  • Online software can be free of charge
  • No post or telephone charges
  • People spread across a large geographical area can be accessed
  • Online software can often analyse results
23
Q

What are the disadvantages of the field research method: Online surveys?

A
  • People require access to the internet
  • Clarification is not guaranteed
  • Survey must be designed carefully
24
Q

What are the advantages of the field research method: Street surveys?

A
  • Specific individuals can be chosen for example based on age or gender
  • Clarification can be gained
25
Q

What are the disadvantages of the field research method: Street surveys?

A
  • Expensive to carry out

- Individuals need to be employed to carry out the survey

26
Q

What is the field research method: Observation?

A
  • An observation involves watching something and then recording what happens.
  • It might be that the observer is counting the number of times something happens or someone does something, or what someone’s reaction is to a particular situation.
27
Q

What are the advantages to the field research method: Observation?

A
  • Numerical information (quantitative information) is gathered which is easier to analyse than people views or opinions (qualitative information
  • Often people are unaware that they are being observed so should act naturally
28
Q

What are the disadvantages with the field research method: Observation?

A
  • Those being observed cannot be asked for their opinion as to why they did or did not do something
  • Observers need to be trained in carrying out observations
29
Q

What is the field research method: Hall Test?

A

A hall test involves a product being given to customers to test and then their opinions on it are obtained.

30
Q

What is the advantage of the field research method: Hall test?

A

It allows for first hand information about he product to be obtained and is relatively inexpensive to carry out.

31
Q

What is the disadvantages of the field research method: Hall test?

A

However, people might not be honest about what they think about the product as they have tried it for free.

32
Q

What is the field research method: Focus groups?

A
  • A focus group is a form of market research in which a group of people are asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging.
  • Questions are asked in an interactive group setting where participants are free to talk with other group members.
33
Q

What is the advantage for the field research method: Focus group?

A

It allows the business to gain an understanding of
peoples feelings, but the information can
be difficult to analyse.

34
Q

What is the field research method: Random sampling?

A
  • Random sampling is the basic sampling technique where we select a group of subjects (a sample) for study from a larger group (a population).
  • Each individual is chosen entirely by chance and each member of the population has an equal chance of being included in the sample.
35
Q

What is the field research method: Quota sampling?

A
  • Quota Sampling is a sampling method of gathering representative data from a group.
  • As opposed to random sampling, quota sampling requires that representative individuals are chosen out of a specific subgroup.
  • For example, a researcher might ask for a sample of 100 females, or 100 individuals between the ages of 20-30.
- Quota sampling can lead to bias. However, It is less expensive than random sampling
36
Q

What are the advantages of the desk research method: Written?

A
  • Can be kept for future reference

- Facts can be passed on more accurately compared to oral information

37
Q

What are the disadvantages of the desk research method: Written?

A
  • May be unable to obtain clarification

- Requires a degree of literacy skills

38
Q

What are the advantages of the desk research method: Oral?

A
  • Instant response is given
  • Questions can be asked
  • Body language can be monitored
39
Q

What are the disadvantages of the desk research method: Oral?

A
  • Points might be misinterpreted

- Requires careful listening skills

40
Q

What are the advantages of the desk research method: Pictorial?

A
  • Information is presented attractively

- Significant points can be highlighted

41
Q

What are the disadvantages of the desk research method: Pictorial?

A
  • Complex information cannot be communicated

- Factual information cannot be communicated as easily as written

42
Q

What are the advantages of the desk research method: Graphical?

A
  • Comparisons can be made easily

- Complex information can be presented clearly

43
Q

What are the disadvantages of the desk research method: Graphical?

A
  • Requires numeracy skills to create graphs

- User needs to be able to interpret information

44
Q

What are the advantages of the desk research method: Numerical?

A
  • Financial information can be analysed

- Calculations can be carried out

45
Q

What are the disadvantages of the desk research method: Numerical?

A
  • Requires numeracy skills to handle and interpret numerical information
46
Q

What is current technology?

A

Current technologies can be used to support the marketing function of a large organisation

47
Q

Why is the internet good for organisations?

A
  • can obtain information about potential customers

- can sell their products over the internet

48
Q

Why is DTP good for organisations?

A
  • can be used to create professional looking advertisements
49
Q

Why can text alerts be good for an organisation?

A

Can be used to inform customers of new products/special offers

50
Q

Why can apps be good for an organisation?

A

Can be used to give customers easier access to products and services.

Business - Marketing (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions