Unit 2 chap 2 market research Flashcards
what does analayzing qualitiative data do?
aims to understand WHY consumers behave a certain way
how consumers react to launch of new product
mention the 4 average measures of qualitative data
mean
median
mode
range
what is the range
it is the most easiest + widely used measure of data dispersion
analyze the cost-effectiveness of market research
1) market research is not free
buying market research reports + primary research can be expensive
- secondary research gathering also takes time
2) now cheaper
bec of tech + internet +cellphones
can be done in a fraction of the cost of what was the cost
3)firms need to ask
is it worthwhile + cost-effective?
4) small + medium size firms do market research on their own most of the time
5) depends on firms goals + availability to finance
how is primary and secondary data collected
primary research is collected first hand Or by the firm/specialist companies
secondary research info is already collected –> may be from within or outside firm
what are the uses, adv and disadv of MODE
1) can be used for inventory ordering purposes
2) no necc calculations –> easily understood –>whole number result
3) cannot be used for further statistical analysis –> can be more than 1 modal ans–> thus confusion
what are the advantages of sampling research
saves cost–> better than studying whole target pop
saves time –> less time consuming
more accurate–> conducted by qualified + skilled researcvhers
remvoes biasness –> as appro method selected + higher precision
provides focused + detaied data
what do surveys include
questionaries
focus groups
interviews
mention 3 disadvantages of secondary research
may not be updated frequently
- data collecting methods + accuracy may be unknown
- may not address the business qs as may be previously collected for a different purpose
the info collected from market research can be used to?
mention 5
identifying main competitors + target market
understand patterns in consumer tastes + behavior and forecast the demands
set realisitc targets for sales + revenue
avail new oppitunities and business ideas
identifying specific problems such as sales falling sue to new competitors
keep up w market trends
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mention 3 advantages of secondary research
allows comparison of data from different resources
obtained quickly —> no need for complicated gathering methods
cheaper apart from purchasing market intelligence reports
mention 3-4 main sources of secondary data and a little detail about them
(Government)
- pop consensus- social trends
free on the internet usually but outdated sometimes
(market research agencies)
produce detailed market intelligence reports
very expensive – not usually updated
(trade organizations)
produce v specific industry publications
not always free – may have to be a member of the organization to obtain detailed data
(internal company records)
low cost –immediately available
secondary data existing within any business
includes sales figures + feedback from customers + customer sales record
what are the 3 methods by which secondary data can be obtained
paying for the research
finding it on the internet
printed media
What are the methods of collecting primary data
test marketimg
surveys (questionares + focus groups + interviews)
observing
what does the term MARKET RESEARCH mean
the systematic gathering + recording + annylsis of data in order to better understand comsumer behavior
what are the uses+ adv + disadv of MEDIAN
1) used in wage negotiations –> often used in advertisements (50% better than all brands)
2) less influenced by extreme results –> more appropriate
3)calc from grp data is complicated–> if even number than value is approximated –> not use for further analysis
what are the 2 methods of marketing research
primary research
secondary research
how does a business indetify a market?
3 terms
1) Overall size
is it worthwhile for bsuiness to enter specific market
2) Growth
will market grow bigger in terms of sales fall or increase
3) Competitors
how many other businesses sel in market + how muc power do they have in market
what are the limitations of sampling
the sample may be too small
risk of sample biasness
the researcher may not use appropriate sampling techniques
what does Qualitative data produce
produces insight into customer needs and wants
how can the reliability of the data being collected be hindered?
1) Sampling bias
2) questionnaire bias
3) further bias –> respondent not answering truthfully as may not want to admit into spending so much on music clothes etc
mention 2 disadvantages for Primary rersearch
time-consuming
costly–. to gather material from market research agencies
mention 4 NPD processes and the market research linked to it
indentifying consumer taste + needs —->
pirm + secondary research regarding consumer needs + cometitirs
product idea + packaging design—->
testing product packaging w consumer grps
brand positioning + testing advertismwent —->
pretesting product image + advertisments
product launch + after lauch period —->
monitering sales + consumer response
mention 3 problems of market research
appropriate sampling method to use –> if not could provide misleading info
biasness involved
if a small sample is used –> results are likely to be rep the whole market
app sample size
