marketing research Flashcards
what is marketing research ?
market research involves gathering and analysing data relevant to the market process
before going ahead with a business what would you have to find out first?
- competitors
- property price
- supplies
- customer demand
- process
- savings
what is one of the main purposes of marketing research?
understand customers in detail
what insight should you have on the customers?
- how much they buy
- why they buy
- what they buy
- when the buy
- where they buy
- how they buy
- how often they buy
what methods could a business use in order to find this particular customer information out?
- questionares
- loyalty cards
- social media
- gift vouchers
- company websites
- focus groups
what is primary research?
involves gathering data for the first time
specific to the company
what is secondary research ?
uses data that already exists
not specific to the business
give some primary research methods
- questionnaire
- cookies (websites)
- focus groups
- reviews
give some advantages to using focus groups
- recieve opinions
- specific to target market
- generates discussion
- opinions are given
give some secondary research methods
- company accounts
- competitor sales
- data sold
- library
give some disadvantage to using focus groups
- to many opinions (confussion)
- doesn’t reflect the whole market opinions
- biased
- takes time to organised
what is quantitive data?
this is the gathering of statistical data to inform the company about peoples behaviour but does not identify the reasons
what is qualitative data?
this is the gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour
why do people do market research?
- to identify potential customers
- understanding your existing customers
- set realistic targets
- develop effective strategies
- examine and solve business problems
- prepare for business expansion
- identify business opportunities
what problems would a business have if they didn’t conduct market research?
- they wold have the wrong target market
- cant analyse enough data
- miss out on trades/recent events
- not keeping up
what is market mapping?
this is analysing market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria
what would a market map look like ?
- Y axis would one aspect of the product (quality)
- X axis would indicate an other aspects (price)
give some examples of some sampling methods
- random
- quota
- stratified
what is random sampling?
a sample os selected for study from a population where each individual is chosen entirely by chance of being selected
what is quota sampling?
this is the population being first segmented into subgroups before a judgement is made in selecting respondents that are represnentative of that subgroup
what is stratified sampling?
this is the population first being segmented into subgroups before respondents are randomly selected from within that subgroup
give some factors that influence the choice of sampling methods
- amount of people
- location
- generation
- culture
- age group
- target market
- time available
what will the sampling depend on?
the method being suitable for the product
sample reflects the whole market
detailed responses given
what would happen to the relationship between the market and customers if one went up?
as one goes up, the other goes up swell
