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business > market research > Flashcards

market research Flashcards

1
Q

what is market research

A

process of gathering analysing and interpreting information about a market

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2
Q

what is a product oriented business

A

main focus of activity is on the product itself

usually basic necessities and may not hv a brand name

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3
Q

why would a business be product orientated

A

they cant afford to do market research

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4
Q

what is a market orientated business

A

they carry out market research to find out customers wants before a product is developed

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5
Q

what is a marketing budget

A

financial plan for the marketing of a product or product range for some specific period of time. it specifies how much money is available to market the product or range, so that the marketing department knows how much money it may spend

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6
Q

what are the benefits of market orientated business

A

survive longer bc their products can adapt to change

new products can be confidently released cuz customers needs and wants have been identified

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7
Q

what are the 2 types market research methods

A

quantitative and qualitative

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8
Q

what are the 2 ways to market research

A

primary/field and secondary/desk

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9
Q

what is primary research

A

collection and collation of prefinal data via direct contact with potential or existing customers

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10
Q

what are the advantages of primary research

A

up to fate and relevant to business
first hand since usually planed and carried out by ppl who want to use the data
most effective to help business with specific problem
not available to business

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11
Q

what are the limitation of primary research

A

expensive

not available immediately

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12
Q

what is the process of primary research

A

purpose of research - most suitable method of research - size of sample and who is going to be asked - carry out research - collect data and analyse - product reports

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13
Q

what is secondary research

A

uses information that has already been collected and is available to use by others

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14
Q

what are the 4 methods of primary research

A

interviews, focus groups, online survey, questionnaires

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15
Q

what is questionnaires

A

set of question to be answered as a means of collecting data for market research

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16
Q

what are the advantages of questionnaires

A

detailed qualitative information
can get customers opinion
can be carried out online
can give vouchers to encourage ppl to fill it

17
Q

what are the disadvantages of questionnaires

A

if question is not well though out, answers can be inaccurate and be misleading to business
can take time and money
time consuming to analyse

18
Q

what are online surveys

A

require the target sample to answer a series of questions over the interned

19
Q

what are the advantages of online surveys

A

fast with quicker response times compared to other forms of survey
cheaper than interview
easy to complete for participant
data can be quickly presented and analysed by IT

20
Q

what are the disadvantages of online survey

A

absence of interviewers to explain question or to ask follow ups to gain more gain more detailed info
cannot reach potential respondents who dh internet
scope of fraud- they may not be honest and simply do it

21
Q

what are focus groups

A

grp of ppl who area a representative or target market

22
Q

what are the advantages of focus groups

A

provide detailed info
interaction can help business understand reason for ppl’s opinion
quicker and cheaper than individual interviews

23
Q

what are the disadvantages of focus groups

A

time consuming and expensive if conducted by specialist market research agency
discussion may be biased if ppl are influence by opinion of other
can be denominated by just few ppl so researchers need to be experienced , which adds on to the cost

24
Q

what are interviews

A

involves asking individuals a series of questions often f2f or over the phone

25
Q

what’s the advantages of interviews

A

able to explain questions

detailed info can be gathered

26
Q

what are the disadvantages of interviews

A

interview could lea the interview into answering a certain way
time consuming and expensive

27
Q

what is the meaning of sample

A

the group of people who are selected to respond to the market research exercise such as questionnaire

28
Q

what are the 2 types of sampling

A

random samples and quota sample

29
Q

what is the meaning of random sample

A

when people are selected at random as a source of information for the market research

30
Q

what is the meaning of quota sample

A

when ppl are selected on the basis of certain characteristic as a source of into for market research

31
Q

what are the advantages of secondary research

A

often cheaper as data has alrdy been collected by others
can be used to help access the total size of the market by finding out the size of population and its age structure( this cannot be obtained from pri)
newspaper may carry economic forecast –> see if sale increase of decreases
quicker

32
Q

what are the disadvantages of secondary research

A

the data may be not relevant or our of date

data is available to all business

33
Q

what are the 2 sources secondary data can be obtained

A

internal and external

34
Q

what is internal source of secondary data

A

information obtained from own business records such as finance, which cld give info abt cost of production

35
Q

what is external source of secondary data

A

information obtained from outside the business

36
Q

what are the 5 external sources of secondary data and what info do they carry

A

government statistics: general info like population and age structure
newspaper: info abt economy and if customers are expected to increase/decrease in future
trade association: info abt business in that industry
market research agency : contains detailed but expensive data
online source easy accessible and wide range of info but not reliable

37
Q

what are some factors that influence the accuracy of market research data

A

sample size
way which question are formed and asked
person carrying out research and age of info

38
Q

what are 3 ways to present data

A

table/tally chart: not best, used to record data in original form

chart: shows figures of each price of data and proportion
graph: show rs between 2 sets of data

business (17 decks)

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