topic 8: market research Flashcards
what is market research?
process of collecting information to find out customers’ needs and wants before products re produced
list and explain the types of market research
primary research: collection and/or collation of original data via direct contact with potential or existing customers
secondary research: collection of data that’s already been collected and is available for use by others, AKA; DESK RESEARCH
what are the reasons people do market research?
to find out:
* likes and dislikes of customers
* appropriate price for the product
* how many people might buy the product
explain the importance of market research
- reduces risks associated with new prduct launches
- predicts future demand
- explains patterns in sales of existing products and market rends
list the methods of primary research
- questionaires
- interviews
- samples
- observations
- survey
- consumer panels
- experiments
list the methods of secondary research
think ‘ sources of information’
internal soureces of information:
* sales departments records, customer records
* opinions of distributers and public relations departments
external sources of information:
* newspapers
* government statistics and census reports
* media reports
what are the advantages of secondary research?
- usually readily available at inexpensive cost
- collecting and analyisng secondary data saves time and effort
- avaids data collection problems and provides a basis for comparison
- easily accessible data
what are the steps to developing a questionaire?
- don’t ask more than 12 questions
- ask short and clear questions
- provide a choice of age groups, if age is required
- avoid open-ended questions(answers required must be a yes or a no)
- think of the order in which you ask your questions, be logical at all times
list ways in which information can be presented
- pie charts
- bar graphs
- table/tally charts
- pictograms
