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RO67 enterprise and marketing > purpose of market research > Flashcards

purpose of market research Flashcards

1
Q

What is market research?

A

The process of gathering, analyzing, and interpreting information about a market, including information about the target market, competition, and industry trends.

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2
Q

What is the purpose of observing potential customers?

A

To collect real data about their behaviors, responses to products/services, and purchases.

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3
Q

List the steps involved in conducting observations.

A
  • Create data collection sheets
  • Choose locations/times for sampling
  • Observe and collect data
  • Analyze the data and present conclusions
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4
Q

What is an advantage of conducting observations?

A

People behave naturally, providing unfiltered data about their actions.

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5
Q

What is a disadvantage of conducting observations?

A

It is very time-consuming to collect a good sample of observed data.

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6
Q

What are questionnaires and surveys used for?

A

To ask potential customers a list of questions to obtain information.

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7
Q

How can surveys be distributed?

A
  • By post
  • Through email
  • On social media
  • In person
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8
Q

What is a key advantage of digital surveys?

A

They can obtain lots of responses quickly and cheaply.

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9
Q

What is a potential disadvantage of surveys?

A

Answers may be inaccurate or incomplete.

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10
Q

What is a focus group?

A

A gathering of potential customers who are asked a set of questions.

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11
Q

What is a key advantage of focus groups?

A

They allow for gathering lots of qualitative data and opinions in one event.

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12
Q

What is a disadvantage of focus groups?

A

They require lots of careful planning and can be costly.

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13
Q

What is the purpose of consumer trials?

A

To allow potential customers to try a product for free in return for their opinions.

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14
Q

What is a key advantage of consumer trials?

A

They provide very specific and relevant feedback.

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15
Q

What is a disadvantage of consumer trials?

A

They can be very expensive and time-consuming to organize.

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16
Q

What is test marketing?

A

Launching a product in a small sector of the target market to collect customer feedback before a full launch.

17
Q

What is an advantage of test marketing?

A

Accurate information is gathered from actual customers who have bought the product.

18
Q

What is a disadvantage of test marketing?

A

It can be very expensive and time-consuming.

19
Q

What does published company data include?

A
  • Accounts
  • Ownership
  • Reports for shareholders
20
Q

What is an advantage of published company data?

A

It provides detailed financial information about existing competition.

21
Q

What is a disadvantage of published company data?

A

It can be hard to find objective information as reports are made for shareholders.

22
Q

What are government statistics?

A

Free, detailed numerical information on various sectors of the economy.

23
Q

What is an advantage of government statistics?

A

They are easily available and free.

24
Q

What is a disadvantage of government statistics?

A

They may not be specific to business needs.

25
Q

What are market research companies?

A

Providers of in-depth quantitative and qualitative information on specific areas of business.

26
Q

What is a key advantage of using market research companies?

A

They provide comprehensive information tailored to business needs.

27
Q

What is a disadvantage of using market research companies?

A

Their services can be expensive.

28
Q

What do magazines and newspapers designed for businesses provide?

A

Industry-specific information and trends.

29
Q

What is an advantage of magazines/newspapers for businesses?

A

They are easy to acquire and provide up-to-date information.

30
Q

What is a disadvantage of magazines/newspapers for businesses?

A

They can be expensive and dominated by advertising.

31
Q

What do internal company records consist of?

A

Numerical data on sales, budgets, and customer profiles.

32
Q

What is an advantage of internal company records?

A

They provide detailed data not available elsewhere.

33
Q

What is a disadvantage of internal company records?

A

They are only available to people inside the company.

RO67 enterprise and marketing (11 decks)

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