Unit 2 - Market Research Flashcards
Def: consumer panels
Groups of customers that are asked for feedback about products over a period of time
Def: database
Organised collection of data stored electronically with instant access
Def: focus group
Where a number of customers are invited to attend a discussion about a product lead by market researchers
Def: market orientation
An approach to a business which places the needs of consumers at the centre oof decision making
Def: product orientation
Approach to business which places emphasis on the production process and product itself
Def: market research
Collection, presentation and analysis of information relating to market and consumption
Def: market segment
Part of a whole market where a particular customer group has similar characteristics
Def: primary research
Field research: gathering of information first hand that doesn’t yet exist
Def: Secondary research
Desk research: collection of data that already exist from other sources
Def: qualitative research
Collection of data about attitudes beliefs and intentions
Def: quantitative research
Collection of data that can be quantified (can be measured)
Why would we use qualitative and quantitative
Qualitative helps understand why
Quantitative gives precision non biased numbers can be larger samples so broader can be found in secondary research easily
Pros and cons of secondary and primary
Secondary:
Less costly
Faster to conduct
Lack of specificity
Not confidential
Primary:
Increased relevance
Specific
Confidential
Higher research cost
More time consuming
Def: respondent
Person or organisation that answers questions in a survey
Def: sample
Small group of people that represent a portion of the total market when carrying out market research
