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Business Theme 1 MARKETING > Marketing Research > Flashcards

Marketing Research Flashcards

1
Q

What is marketing research?

A

Involves gathering and analysis of research to help support the implementation of marketing strategy

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2
Q

What important insights can market research provide that aid decision making and marketing strategy?

A
  • dimensions of the market (size, structure, growth)
  • competitor strategies (market share, positioning, USPS)
  • needs, wants and expectations of customers (how they’re changing)
  • market segments (existing and potential opportunities for new segments)
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3
Q

What is product orientation?

A

Business develops products based on what it is good at doing

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4
Q

What is market orientation?

A

Business responds to customer needs and wants- designs products accordingly

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5
Q

Why is market orientation linked to marketing success?

A
  • markets are much more dynamic
  • customers are becoming much more demanding
  • barriers to market entry getting lower
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6
Q

What is primary research?

A

Data collected first hand for a specific research purpose

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7
Q

What is secondary research?

A

Data that already exists and which has been collected for a different purpose

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8
Q

Primary research benefits

A
  • up to date
  • directly focused to research objectives
  • more detailed insights
  • rivals do not have access to this data
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9
Q

Secondary research benefits

A
  • often free and easy to obtain

- quick and available immediately

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10
Q

Primary research drawbacks

A
  • time consuming and costly to obtain
  • expensive
  • some methods e.g focus group requires certain skills
  • sampling may not be representative
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11
Q

Secondary research drawbacks

A
  • can quickly become out of date
  • rivals can access data
  • not tailored to business needs
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12
Q

Market orientation benefits

A
  • meeting customer needs
  • less risk
  • increase sales
  • may be easier to charge a higher price
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13
Q

Market orientation drawbacks

A
  • costly
  • time consuming
  • difficult to keep up with dynamic market
  • don’t focus on innovation
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14
Q

Product orientation benefits

A
  • less likely to conduct market research
  • harder for rivals to copy
  • high quality
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15
Q

Product orientation drawbacks

A
  • can lead to unsuccessful products

- costly

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16
Q

Main formats for primary research

A 
Focus groups 
Observation 
Surveys 
Telephone interviews 
Experiments
17
Q

Secondary research main formats

A 
Published market research reports 
Google 
Internal transactional data 
Media reports 
Competitor materials
18
Q

Observations- primary research

A
  • watching how consumers behave

- works well in retail markets ( sit outside a shop and watch how many people walk by and look at display)

19
Q

Telephone interviews- primary research

A
  • allows quicker feedback than a postal survey
  • however potential customers are often warty of being called and may be reluctant to give anything other than short answers
20
Q

Postal surveys- primary research

A
  • sent to address of potential customers who complete form and send back in pre paid envelope
  • cheap, covers a wide geographical area
  • avoids the potential for interviewer bias
  • however, response rates are low and can take a long time for customers to respond
21
Q

Face to face- primary research

A
  • personal interviews conducted face to face

- costly but good way to get detailed insights from an individual

22
Q

Focus groups- primary research

A
  • groups of potential customers are brought together to discuss their feelings about a product or market
  • good way of getting detailed info about customer tastes and preferences
23
Q

Test marketing- primary research

A
  • involves selling a new product in a small section of the market in order to asses customer reaction
  • food predictor of how a new product or service will be received by the larger market
24
Q

Quantitative data

A

Numerical data, produces statistical data

- based on larger samples- more statistically valid

25
Q

Qualitative data

A

Based upon opinions, attitudes, beliefs and intentions

- aims to understand why customers behave in a certain way or how they may respond to a new product or service

26
Q

Qualitative data advantages

A
  • can get customers needs and wants
  • understand why
  • can highlight issues that need addressing (why customers don’t buy)
27
Q

Qualitative data drawbacks

A
  • expensive to collect and analyse- requires specialist research skills
  • based around opinions- always a risk that sample is not representative
  • time consuming
28
Q

Quantitative data advantages

A
  • data is easier to analyse
  • provides insights into trends
  • can be compared with data from other sources (competitors, history)
29
Q

Quantitative data drawbacks

A
  • focuses on data rather than explaining why things happen
  • doesn’t explain the reasons behind numerical trends
  • may lack reliability if sample size and method is not valid
30
Q

What is sampling?

A

Gathering of data from a sample of respondents, the results of which should be representative of the population (e.g target market) as a whole

31
Q

Why is sampling important?

A

provides statistically valid insights into the profile of the overall population (e.g market) being analysed

32
Q

Sampling benefits

A
  • representative of target market
  • can provide useful research insights
  • flexible and relatively quick
  • using sampling before making marketing decisions can reduce risks and costs
33
Q

Sampling drawbacks

A
  • biggest risk: sample is unrepresentative of population- leading to incorrect conclusions
  • risk of bias in research questions
  • less useful in market segments where customer tastes and preferences are changing frequently
34
Q

Why is the use of IT common and essential in market research?

A
  • the capabilities of modern business IT has transformed market research
  • now relative easy to learn about consumer preferences and buying habits by mining massive sets of quantitative data
  • complex algorithms can uncover patterns and correlations that enable more effective marketing
35
Q

What is data minding?

A
  • example of secondary research
  • relies on data that is already there
  • key benefits: quick and automated, huge data sets can be analysed = reduced need for sampling, data can be linked
36
Q

How does social media support market research?

A
  • software can quickly highlight what customers are saying about the product or brand
  • surveys easy to set up and analyse results in real time
  • wide range of powerful software applications to manage social media research and integrate with other business systems
37
Q

Websites (ICT in market research)

A

Invite feedback through blogs, the number of times and timings of visitors, online polls, surveys and cookies

38
Q

Social networking (ICT in market research)

A

Revised, blogs, likes/dislikes, viral marketing and customer feedback

39
Q

Benefits of marketing segmentation

A
  • advertising can be targeted at specific segments so that advertising spend is more effective
  • the most profitable and least profitable customers can be identified
  • least profitable markets can be avoided
  • becomes easier to identify products

Business Theme 1 MARKETING (11 decks)

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