Unit 2 chap 2 market research

Question 1

what does analayzing qualitiative data do?

Answer 1

aims to understand WHY consumers behave a certain way
how consumers react to launch of new product

Question 2

mention the 4 average measures of qualitative data

Answer 2

mean
median
mode
range

Question 3

what is the range

Answer 3

it is the most easiest + widely used measure of data dispersion

Question 4

analyze the cost-effectiveness of market research

Answer 4

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

Question 5

how is primary and secondary data collected

Answer 5

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

Question 6

what are the uses, adv and disadv of MODE

Answer 6

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

Question 7

what are the advantages of sampling research

Answer 7

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

Question 8

what do surveys include

Answer 8

questionaries
focus groups
interviews

Question 9

mention 3 disadvantages of secondary research

Answer 9

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

Question 10

the info collected from market research can be used to?

mention 5

Answer 10

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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Question 11

mention 3 advantages of secondary research

Answer 11

allows comparison of data from different resources

obtained quickly —> no need for complicated gathering methods

cheaper apart from purchasing market intelligence reports

Question 12

mention 3-4 main sources of secondary data and a little detail about them

Answer 12

(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

Question 13

what are the 3 methods by which secondary data can be obtained

Answer 13

paying for the research
finding it on the internet
printed media

Question 14

What are the methods of collecting primary data

Answer 14

test marketimg

surveys (questionares + focus groups + interviews)

observing

Question 15

what does the term MARKET RESEARCH mean

Answer 15

the systematic gathering + recording + annylsis of data in order to better understand comsumer behavior

Question 16

what are the uses+ adv + disadv of MEDIAN

Answer 16

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

Question 17

what are the 2 methods of marketing research

Answer 17

primary research
secondary research

Question 18

how does a business indetify a market?

3 terms

Answer 18

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

Question 19

what are the limitations of sampling

Answer 19

the sample may be too small

risk of sample biasness

the researcher may not use appropriate sampling techniques

Question 20

what does Qualitative data produce

Answer 20

produces insight into customer needs and wants

Question 21

how can the reliability of the data being collected be hindered?

Answer 21

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

Question 22

mention 2 disadvantages for Primary rersearch

Answer 22

time-consuming
costly–. to gather material from market research agencies

Question 23

mention 4 NPD processes and the market research linked to it

Answer 23

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

Question 24

mention 3 problems of market research

Answer 24

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

Question 25

what is a questionnaire bias?

Answer 25

occurs when the way a question is asked leads to the respondent answering one particular answer

the results may not be accurate as they do not reflect the true meaning of what they believe + how act

Question 26

mention 3 advantages of primary research

Answer 26

up to date
relevant –> as collected for specific purpose–> directly addresses the questions business wants ans for
confidential –> no other business has access to this data

Question 27

what are the uses, adv, and Disadv of MEAN

Answer 27

1) used for making comparisons –> determine reorder levels
2) uses all data in calculation –> widely used –> well-known avg
3) affected by 1 or 2 extreme results
—> usually not whole number

Question 28

qualitative data gives an insight into the _______ and ______ of people

Answer 28

thoughts and opinions

Question 29

Why is there a need for sampling?

Answer 29

in all market situations it is difficult to record respose of entire pop

Bec market is extensive It is time consuming + expensive and impossible to identify all in the market

Thus sampling of total potential market chosen

Question 30

what do questionnaires include

Answer 30

f2f
postal?internet
telephone?online

Question 31

why is market research conducted

Answer 31

to find what consumers want

Question 32

Answers to qualitative data research is based on __________, ________, and ___________

Answer 32

beliefs attitudes and opinions

Question 33

smtimes secondary data is called _______________

Answer 33

desk research

Question 34

what are the 2 types of data primary research collects

Answer 34

primary researvh collects 2 types of data

1) qualitative data
2) quantitive data

Question 35

how can primary research be carried out?

Answer 35

by asking for a sample of the total population

sampling involves —> selecting a few ppl to interview –>
they will be rep of the whole market

Question 36

define the process coding

Answer 36

this process catogitrozies keywords and phrases used by customers –> during research process

these responses matched against –> other data such as customer age+ income lvls to estlbluish key R/S and analyze them

helps make marketing strategy