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Business studies > Unit 11 > Flashcards

Unit 11 Flashcards

1
Q

Q1. What is market research?

A

A1. The process of collecting, recording, and analyzing data about customers, competitors, and markets.

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2
Q

Q2. What is a unique selling point?

A

A2. The special feature of a product that sets it apart from other products.A2. The special feature of a product that sets it apart from other products.

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3
Q

Q3. What does it mean to be market-oriented?

A

A3. Products are developed based on consumer demand.

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4
Q

Q4. What does it mean to be product-oriented?

A

A4. A firm that produces products and tries to find buyers.

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5
Q

Q5. What is primary research?

A

A5. The collection of first-hand data by the organization.

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6
Q

Q6. What is secondary research?

A

A6. The collection of data from second-hand resources.

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7
Q

Q7. What is quantitative research?

A

A7. The collection of numerical data that can be analyzed.

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8
Q

Q8. What is qualitative research?

A

A8. The collection of data on buying behaviors and opinions.

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9
Q

Q9. What is a sample?

A

A9. A representative sample of the target market selected to take part in market research.

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10
Q

Q.10 What are the main types of information collected by the business from market research?

A

1) Its customers.
2) Its competitors.
3) Its market.

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11
Q

Q.11 What are the uses of market research information?

A

A.11
1) Find customer needs.
2) Discover current and future market size for product.
3) Provide information about existing products and markets.
4) Identify competitors strength and weakness.
5) Decide how to price and promote.
6) Predict change in customer demand and taste.

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12
Q

Q.12 What are the main methods of primary research?

A

A.12
1) Focus groups
2) Observations
3) Test markets
4) Consumer surveys
5) Interviews
6) Postal services
7) Online services

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13
Q

Q.13 Describe primary research method: Focus groups.

A

A.13 A group of consumers are invited to discuss topics such as brand names, packaging, products, advertisements.

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14
Q

Q.14 Describe primary research method: Observation.

A

A.14 Behavior of consumers is secretly observed and recorded.

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15
Q

Q.15 Describe primary research method: Test market.

A

A.15 Limited quantity of the product is produced and sold carefully in a selected area.

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16
Q

Q.16 Describe primary research method: Consumer surveys.

A

A.16 Used to collect both quantitative and qualitative data.

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17
Q

Q.17 Describe primary research method: Interviews.

A

A.17 Trained interviewer asking questions.

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18
Q

Q.18 Describe primary research method: Postal service.

A

A.18 Questionnaires are posted to people’s homes and they are asked to complete and return them.

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19
Q

Q.19 Describe primary research method: Online services.

A

A.19 Use internet and own websites for surveys.

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20
Q

Q.20 What is the advantage of using primary research method: Focus group.

A

A.20 Easy to find opinion of typical consumers.

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21
Q

Q.21 What is the advantage of using primary research method: Observations.

A

A.21 Easy to find opinion of typical consumers.

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22
Q

Q.22 What is the advantage of using primary research method: Test market.

A

A.22 Cost of problems is limited to a smaller output.

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23
Q

Q.23 What is the advantage of using primary research method: Consumer surveys.

A

A.23 Various methods of collecting information.

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24
Q

Q.24 What is the advantage of using primary research method: Consumer survey- Interviews.

A

A.24 Interviewer can explain questions.

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25
Q

Q.25 What is the advantage of using primary research method: Consumer survey- Postal service.

A

A.25 Cheap, more geographical range.

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26
Q

Q.26 What is the advantage of using primary research method: Consumer survey- online service.

A

A.26 Anyone with internet can participate, can instantly be collected and analyzed.

27
Q

Q.27 What is the disadvantage of using primary research method: Focus group.

A

A.27 Time consuming.

28
Q

Q.28 What is the disadvantage of using primary research method: interviews

A

A.28 Often more expensive than other methods.

29
Q

Q.29 What is the disadvantage of using primary research method: test market

A

A.29 Takes longer to get product to main market.

30
Q

Q.30 What is the disadvantage of using primary research method: Consumer survey- Interviews

A

A.30 May be more expensive than other methods.

31
Q

Q.31 What is the disadvantage of using primary research method: Consumer survey- Postal service.

A

A.31 May be seen as junk mail and be thrown away, may also contain bias.

32
Q

Q.32 What is the disadvantage of using primary research method: Consumer survey- Online services.

A

A.32 Can be seen as electronic junk mail and cannot be relied upon.

33
Q

Q.33 What are the methods of secondary research?

A

A.33
1) Internet.
2) Libraries.
3) Newspaper magazines.
4) Government publications.
5) Market research agencies.
6) Business records.

34
Q

Q.34 Describe the method of secondary research: Internet.

A

A.34 Data and information about any topic can be found on the internet with the help of search engines like google.

35
Q

Q.35 Describe the method of secondary research: Libraries.

A

A.35 Large towns and cities in many counties have libraries with free access to printed materials and internet.

36
Q

Q.36 Describe the method of secondary research: Newspaper magazines.

A

A. 36 Information about local, national and internal economies.

37
Q

Q. 37 Describe the method of secondary research: Government publications.

A

A. 37 Most governments publish data and information related to their own country to government websites.

38
Q

Q. 38 Describe the method of secondary research: Market research agencies.

A

A. 38 Companies selling business collection and analysis of data to other businesses.

39
Q

Q. 39 Describe the method of secondary research: Business records.

A

A. 39 Businesses collect information such as name, address, purchases etc. from customers which is kept in their database.

40
Q

Q. 40 What are the benefits of market oriented business?

A

A.40
1) Reduced risk of new products failing.
2) Products are likely to last longer and create higher profit.

41
Q

Q.41 What are the benefits of primary market research?

A

A.41
1) Data is up to date.
2) Data is collected for a specific purpose so it is relevant to the objective.
3) Data is not available to other businesses.

42
Q

Q.42 What are the limitations of market research?

A

A.42
1) Costly.
2) Time consuming.
3) Risk of inaccurate or biased data.

43
Q

Q.43 What are the Benefits of secondary market research?

A

A.43
1) Fairly cheap.
2) Easier and quicker.

44
Q

Q.44 What are the factors that impact market research data?

A

A.44
1) Size of sample.
2) Business may have chosen wrong method to collect data.
3) Market research questions may not be answered truthfully.
4) Questions may not be asked properly.
5) Language in the question may make the question unclear.
6) Data may be recorded incorrectly.
7) Secondary data may be out of date.
8) Secondary data may have been collected for a different purpose.

45
Q

Q.45 What are the two main mediums that can be used to present data?

A

A.45
1) Qualitative research.
2) Quantitative research.

46
Q

Q.46 Describe unit of data- Qualitative.

A

A.46 Usually presented in the form of written reports.

47
Q

Q.47 Describe unit of data- Quantitative.

A

A.47 Consists of data with lots of numbers and needs to be presented in a way that users will understand and be able to use.

48
Q

Q.48 What are the main methods of presenting data?

A

A.48
1) Tables.
2) Bar Charts.
3) Pictograms.
4) Line graphs.

49
Q

Q.49 Describe methods of presenting data: Table.

A

A.49 Data presented in a table.

50
Q

Q.50 Describe methods of presenting data: Bar charts.

A

A.50 Data is showed in bars or columns that can be drawn vertically or horizontally, indicating values.

51
Q

Q,51 Describe methods of presenting data: Pie charts.

A

A.51 Each part of data is shown as a slice of a pie, each slice represents a certain amount of data.

52
Q

Q.52 Describe methods of presenting data: Pictograms.

A

A.52 Method uses pictures or symbols.

53
Q

Q.53 Describe methods of presenting data: Line graphs.

A

A.53 Shows relationship between two variables, useful to show trends.

54
Q

Q.54 What are the advantages of data presentation method: Bar charts.

A

A.54
1) Importance of each data can easily be seen.
2) Numerical values can easily be read from axis.

55
Q

Q.55 What are the advantages of data presentation method: Pie charts.

A

A.55
1) They show the importance of each part of data compared to other parts.
2) Easier to understand as there are no numbers

56
Q

Q.56 What are the advantages of data presentation method: Pictograms

A

A.56 Data is represented with pictures and not numbers.

57
Q

Q.57 What are the advantages of data presentation method: Line graphs.

A

A.57
1) Clearly shows trends.
2) Values can be read off from both axis.
3) Data can be added for future time periods.

58
Q

Q.58 What are the disadvantages of data presentation method: Tables.

A

A.58
1) Lack visual impact.
2) Too much data in the table can make it difficult to understand.

59
Q

Q.59 What are the disadvantages of data presentation method: Bar charts.

A

A.59 If data values are similar it can be hard to compare.

60
Q

Q.60 What are the disadvantages of data presentation method: Pie charts.

A

A.60 If there are too many slices, it may be difficult to understand the relative importance.

61
Q

Q.61 What are the disadvantages of data presentation method: Picrograms.

A

A.61 Difficult to show exact quantities.

62
Q

Q.62 What are the disadvantages of data presentation method: Line graphs.

A

A.62 Can be difficult to draw and accuracy depends on choosing appropriate scales.

63
Q

Q.63 What are the advantages of data presentation method: Tables.

A

A.63
1) Large amount of data can be grouped and presented.
2) Easy to extract numerical data.

64
Q

What are the methods of consumer surveys?

A

1) Interviews.
2) Postal survey.
3) Online survey.

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