Role of Marketing Flashcards
Purpose of Market Research…
Collects the data of customer habits to help decision-making within the business
Two roles of Marketing…
Increasing Sales; 4 P’s
Informing Customers; flyers/posters,social media etc.
What are the 4 P’s?
Product
Place
Price
Promotion
Quantitative VS Qualitative
Quantitative: Data with Numbers
Qualitative: Data with Words
Primary Research is…
Gathering data that has not been collected before
Secondary Research is…
Gathering old data which has been collected before
Advantages of Questionares
> Easy to analyse
Can be targeted at a specific target market
Objective conclusion can be drawn
Disadvantages of Questionares
> Respondants may not fully understand the question, lowers validity
All questions may not be answered
Lose interest
Advantages of Interviews
> Interviewer can ask for more detail
Can elaborate on the questions if confused
Tendancy to ask open questions
Disadvantages of Interviews
> Expensive
Time Consuming
Advantages of Focus Groups
> Respondants are representative of target market
Ability to ask further questions
Disadvantages of Focus Groups
> Usually small, limited quantity of responses
Time consuming
Costly
Advantages of Trials
> Business can establish whether the idea would have a positive impact on sales, (reduced risk of failure)
Beneficial Long-term (saves wasted investments)
Disadvantages of Trials
> Costly
Area chosen may not represent Target Market
Advantages of Secondary Research
> Cheaper
Readily Available
Reliable
