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business schedule D- understanding markets and customers > marketing research > Flashcards

marketing research Flashcards

1
Q

what is marketing research ?

A

market research involves gathering and analysing data relevant to the market process

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2
Q

before going ahead with a business what would you have to find out first?

A
  • competitors
  • property price
  • supplies
  • customer demand
  • process
  • savings
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3
Q

what is one of the main purposes of marketing research?

A

understand customers in detail

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4
Q

what insight should you have on the customers?

A
  • how much they buy
  • why they buy
  • what they buy
  • when the buy
  • where they buy
  • how they buy
  • how often they buy
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5
Q

what methods could a business use in order to find this particular customer information out?

A
  • questionares
  • loyalty cards
  • social media
  • gift vouchers
  • company websites
  • focus groups
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6
Q

what is primary research?

A

involves gathering data for the first time

specific to the company

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7
Q

what is secondary research ?

A

uses data that already exists

not specific to the business

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8
Q

give some primary research methods

A
  • questionnaire
  • cookies (websites)
  • focus groups
  • reviews
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9
Q

give some advantages to using focus groups

A
  • recieve opinions
  • specific to target market
  • generates discussion
  • opinions are given
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10
Q

give some secondary research methods

A
  • company accounts
  • competitor sales
  • data sold
  • library
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11
Q

give some disadvantage to using focus groups

A
  • to many opinions (confussion)
  • doesn’t reflect the whole market opinions
  • biased
  • takes time to organised
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12
Q

what is quantitive data?

A

this is the gathering of statistical data to inform the company about peoples behaviour but does not identify the reasons

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13
Q

what is qualitative data?

A

this is the gathering of non-statistical information that gives a company in depth insight into the reasons for human behaviour

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14
Q

why do people do market research?

A
  • 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
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15
Q

what problems would a business have if they didn’t conduct market research?

A
  • they wold have the wrong target market
  • cant analyse enough data
  • miss out on trades/recent events
  • not keeping up
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16
Q

what is market mapping?

A

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

17
Q

what would a market map look like ?

A
  • Y axis would one aspect of the product (quality)

- X axis would indicate an other aspects (price)

18
Q

give some examples of some sampling methods

A
  • random
  • quota
  • stratified
19
Q

what is random sampling?

A

a sample os selected for study from a population where each individual is chosen entirely by chance of being selected

20
Q

what is quota sampling?

A

this is the population being first segmented into subgroups before a judgement is made in selecting respondents that are represnentative of that subgroup

21
Q

what is stratified sampling?

A

this is the population first being segmented into subgroups before respondents are randomly selected from within that subgroup

22
Q

give some factors that influence the choice of sampling methods

A
  • amount of people
  • location
  • generation
  • culture
  • age group
  • target market
  • time available
23
Q

what will the sampling depend on?

A

the method being suitable for the product
sample reflects the whole market
detailed responses given

24
Q

what would happen to the relationship between the market and customers if one went up?

A

as one goes up, the other goes up swell

25
Q

why would a business want to interpret market data?

A

this is so that they can predict future sales (growth in market)
-identifying relationships between variables

26
Q

what tools would managers use to interpret market data ?

A
  • correlation
  • extrapolation
  • confidence
27
Q

what is correlation ?

A

identifying a relationship between 2 variables

28
Q

what is a negative correlation ?

A

when one increases and the other decreases
-interest rate and loans
-sales and product
price and demand

29
Q

what is a positive correlation?

A

as one increases increases so does the other and vice versa

  • advertising and sales
  • employment and productivity
  • interest and savings
30
Q

what happens if there is no correlation ?

A

then there is no correlation between 2 variables

business schedule D- understanding markets and customers (1 decks)

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