The purpose and methods of market resarch Flashcards
What is Market Research?
The process of gathering, analysing and processing data relevant to marketing decisions.
What is market research used to gather information about?
Level of demand for goods and services within the market. This includes the size of the market and trends within it, and helps the business identify any market opportunities.
Requirements of its customers. This is vital Information for a business. If it understands its customer needs, it can fulfil them.
Actions of competitors market research can gather information such as changes in their businesses, market share and help a business gain insight into the strategy of its competition.
Target market. Most markets are made-up of a number of separate segments Identifying all the market segments allows the business to decide which segments to focus upon. In which to ignore.
What is a target market research?
The group of consumers to which a business intends to sell a particular product.
What are the types of market research data can be collected in?
1) Qualitative market research.
2) Quantitative market research.
What are the two types of data that can be collected from market research?
1) Qualitative data.
2) Quantitative data.
What is qualitative market research?
An approach to market research designed to uncover the attitudes and opinions of customers that affects decisions to purchase goods and services.
What is quantitative market research?
The collection of numerical marketing information that can be analysed statistically and stated in the form of numbers.
What is qualitative data?
Is data that can cannot be expressed numerically and looks at the reason behind any trends and changes that take place in a particular market.
What is quantitative data?
Data than can only be expressed or measured numerically. The information is normally analysed statistically.
What are the two methods of collecting market research?
1) Primary market research.
2) Secondary market research.
What is primary research?
Research that uses data gathered for the first time.
What is secondary research?
Research that uses data that has been gathered already.
What are the advantages of primary research?
1) Specific to business needs.
2)
What are the disadvantages of primary research?
1) Expensive to conduct.
2) Time consuming.
