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Business Studies EDEXCEL IGSCE > Marketing : Unit 33- 35 > Flashcards

Marketing : Unit 33- 35 Flashcards

1
Q
  1. What is market research?
A
  • Collection, presentation and analysis of information relating to the marketing and consumption of goods and services.
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2
Q
  1. What are the 4 main purposes of market research?
A
  • To identify and understand customer needs.
  • To identify gaps in the market.
  • To reduce risk
  • To inform business decisions.
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3
Q
  1. What is untapped?
A
  • Supply , market or talent that is available but has not yet been exploited.
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4
Q
  1. What are the two types of research?
A
  • Primary/ field research
  • Secondary/ desk research
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5
Q
  1. What is primary/ field research?
A

Is the gathering of “new” information that does not already exist.

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6
Q
  1. What are the 4 main methods of primary research?
A
  • Questionnaires
  • Focus groups/ panels
  • Observation
  • Test marketing
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7
Q
  1. What are questionnaires?
A
  • Questionnaires is a list of written questions.
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8
Q
  1. What are the 4 types of questionnaires/surveys? define
A
  • Postal surveys : questionnaires that are sent out to people by letter and they are asked to complete them in their own time.
  • Telephone interviews:- Is interviewing people over the telephone.
  • Personal interviews are carried out in the street or on the doorstep.
  • Online surveys:- Sent directed through an email confirming an online transaction
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9
Q
  1. What are the advantages of questionnaires?(4)
A
  • can gather detailed information
  • consumer opinions can be gathered
  • Cheaper
  • Can be linked to prize draws
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10
Q
  1. What are the disadvantages of questionnaires?(3)
A
  • If they are poorly designed, may provide misleading information.
  • Time-consuming and expensive
  • Time consuming to collect and analyse.
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11
Q
  1. What are interviews?
A
  • It revolves around an interviewer asking questions from an interviewee.
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12
Q
  1. What are advantages of interviews?
A
  • can explain questions if the interviewee doesn’t understand
  • Can gather detailed information
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13
Q

What are the disadvantages of interviews?

A
  • Interviewee bias in a way that the interviewer would like/ want to hear.
  • Time consuming and expensive.
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14
Q
  1. What are consumer panels?
A
  • groups of customers are asked for feedback about products over set period.
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15
Q

What is and advantage of consumer panels? disadvantages?(3)

A
  • ad. provide detailed information about consumer opinions
  • disad. Expensive, time consuming, bias
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16
Q
  1. What is observation?
A
  • This is where market researchers ‘ watch the behaviors’ of customers
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17
Q

What is an advantage? a disadvantage of observation?

A
  • Cheap way of gathering data(ad)
  • Only basic information can be collected.(dis
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18
Q
  1. What is test marketing
A
  • This involves selling a new product in a restricted geographical are to test it and sales levels before a national launch.
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19
Q
  1. What is secondary/ desk research?
A
  • Collection of data that already exists
20
Q
  1. What are the two types of data?
A

-Qualitative data
- Quantitative data

21
Q
  1. What is qualitative data?
A

Qualitative data is information about attitudes, beliefs and intentions, usually written words.

22
Q
  1. What is quantitative data
A

Quantitative data information that can be quantified, that is, expressed in numbers.

23
Q
  1. What are the 6 advantages of using social media for market research?
A
  • Broad reach
  • Ability to target
  • Free/low cost
  • Personal
  • Fast
  • Easy
24
Q
  1. What is sample?
A

Sample is a small group of people, that must represent a proportion of the total market when carrying out market search.

25
Q
  1. What are the 2 types of sample?
A
  • Quota sample: it’s when people are selected on a basis of certain.
  • Random Sample : It’s when people are selected at random as a source of information for market research.
26
Q

What are the sources for secondary market research?(6)

A
  • Government publication
  • Market intelligence report
  • Newspaper report
  • Internal company records
  • Internet
  • Competitors reports
27
Q

What are the advantages of secondary research?

A
  • Easily available it is less time-consuming to obtain information.
  • Less costly
  • Comparison of secondary sources
  • Identifies the nature of the market.
28
Q

What are the disadvantages of secondary market research?

A
29
Q
  1. What is a market?
A
  • set of arrangements that allow buyers and sellers to communicate and trade in goods and services.
30
Q
  1. What is marketing?
A
  • identifying the customer needs and satisfying them profitably.
31
Q
  1. What are the 4 types/ examples of markets?
A
  • consumer goods markets: where products are sold.
    -Market for services: market for services such as…
  • The housing market: where people buy and sell properties.
  • Commodity market: where raw materials such as oil, metal, and grains are traded.
32
Q
  1. What are the 4 examples of customer loyalty schemes?
A
  • Reward cards
  • Free gifts
  • Charitable donations
  • Partnerships deals with other business,
33
Q
  1. What is product oriented?
A
  • where a business focuses on the design and manufacture of the product itself rather than the needs of the customers.
34
Q
  1. What is market-oriented?
A
  • where a business focuses on the needs of the consumers when developing products.
35
Q
  1. What is market share?
A

proportion of sales in a total market that a business or product enjoys.

36
Q
  1. What is market analysis?
A

quantitative and qualitative assessment of a market.

37
Q
  1. What are mass markets?
A

very large markets in which products with mass appeal are marketed

38
Q
  1. What is a niche market?
A
  • smaller market, usually within a large market or industry.
39
Q
  1. Why do markets change? (4)
A
  • Changing customer needs
  • Changing customer/consumer spending patterns
  • Increased competition
  • Competition puts businesses under some pressure.
40
Q
  1. What are the 5 ways businesses may use to attract customers to compete with other businesses?
A
  • lowering prices
  • making their products appear different to those of rivals
  • offering better quality products
  • using mor powerful or attractive advertising or promotions
  • offering “extras” like high quality customer service.
41
Q
  1. What is market segments?
A

part of a whole market where a particular customer group has similar characteristics.

42
Q
  1. What are the methods of market segmentation?
A
  • location (geographical) segmentation
  • Demographic segmentation
  • Lifestyle(or psychographic) segmentation
43
Q
  1. What are socio-economic groups?
A
  • division of people according to social class based on employment status.
44
Q
  1. What are the 4 benefits of market segmentation?
A
  • businesses that produce different products can increase revenue.
  • customers may be more loyal to a business that provides products designated to them.
  • Business may avoid using wasting promotional resources.
  • market a wider range of goods different customer groups.
45
Q
A
46
Q
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Business Studies EDEXCEL IGSCE (13 decks)

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