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Business A-Level Y1 > Theme 1 1.2 Market Research > Flashcards

Theme 1 1.2 Market Research Flashcards

1
Q

What is a characteristic of a dynamic market?

A

Constant change and evolution in consumer preferences and technology.

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2
Q

List two advantages of operating in a mass market.

A
  • Larger customer base
  • Economies of scale
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3
Q

List two disadvantages of operating in a mass market.

A
  • High competition
  • Lower profit margins
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4
Q

List two advantages of operating in a niche market.

A
  • Reduced competition
  • Higher profit margins
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5
Q

List two disadvantages of operating in a niche market.

A
  • Limited customer base
  • Vulnerability to market changes
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6
Q

What is product orientation?

A

A business is product orientated when it only looks at the product or the production process when deciding what to make next.

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7
Q

When is product orientation appropriate?

A
  • Little competition in the market
  • Limited consumer knowledge
  • Low disposable income of consumers
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8
Q

What is market orientation?

A

A market orientated business focuses on the needs of the consumer.

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9
Q

Give an example of a market-oriented business.

A

ASDA’s Chosen By You range, tested by consumers.

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10
Q

What is primary market research?

A

Collecting data first hand for the benefit of the business.

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11
Q

List three methods of primary market research.

A
  • Questionnaires
  • Observation
  • Focus groups
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12
Q

What is secondary market research?

A

Gathering data which already exists, also known as desk research.

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13
Q

List three methods of secondary market research.

A
  • Government sources
  • Trade publications
  • Internet sources
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14
Q

What is qualitative research?

A

Research that seeks to gather and explore feelings and thoughts about a product from consumers.

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15
Q

What is quantitative research?

A

Research involving gathering data and measuring responses, often displayed in charts and statistics.

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16
Q

What is market segmentation?

A

An identifiable group of individuals or part of a market where consumers share one or more characteristics or needs.

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17
Q

Give an example of segmentation by location.

A

Targeting products for rural versus urban areas.

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18
Q

What is segmentation by demographics?

A

Statistical data relating to the population and particular groups within it.

19
Q

What does segmentation by lifestyle consider?

A
  • Values
  • Attitudes
  • Hobbies and interests
20
Q

How can the population be segmented by income?

A
  • Low income
  • Middle income
  • High income
21
Q

Define disposable income.

A

Income remaining after deduction of taxes and social security charges, available to be spent or saved.

22
Q

List the age groups for market segmentation.

A
  • 0-10
  • 11-16
  • 17-19
  • 20-25
  • 26-35
  • 36-50
  • 51+
23
Q

What is a potential consequence of not carrying out market research?

A

Poor business decisions leading to financial losses.

24
Q

True or False: Primary research data is existing data.

25
Q

Fill in the blank: A sample size is the number of _______ who are interviewed during the research.

26
Q

Define bias in market research.

A

When research findings cannot be trusted because of the way the research has been carried out.

27
Q

What are products aimed at?

A

Men or women

28
Q

What may a business do to ensure effective marketing?

A

Produce or adapt its products

29
Q

What color packaging is typically used for products aimed at women?

30
Q

What color packaging is typically used for products aimed at men?

31
Q

What is the purpose of the 1.1.2 Worksheet?

A

Complete the worksheet

32
Q

How long is TASK 1 allocated?

33
Q

How long is TASK 2 allocated for self-assessment?

34
Q

What is the task involving the Market Research Quiz?

A

Complete the quiz on Teams

35
Q

What is the focus of Sample Question 1?

A

Knowledge, Application, Analysis

36
Q

What is the maximum score for Level 4 in Sample Question 2?

37
Q

What is the focus of the evaluation question regarding Devanisoft?

A

Product oriented business

38
Q

What type of data is quantitative data?

A

Numerical data

39
Q

What is qualitative data?

A

Non-numerical data

40
Q

Define product orientation

A

To sell products and services that the business wants to produce

41
Q

Define market orientation

A

To sell products or services based on customer needs and wants

42
Q

What is primary market research?

A

Data collected first hand

43
Q

What is secondary market research?

A

Data which already exists

44
Q

What is market segmentation?

A

Dividing a whole market into sections called segments

Business A-Level Y1 (3 decks)

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