11 Market Research Flashcards
(45 cards)
What is market research?
it is gathering, analysing, and interpreting info about a market.
What are the 2 types of businesses?
- product-oriented business
2. Market-oriented business
What is a product-oriented business?
a business that makes a product then 🔍 for a market to sell it in.
What do these businesses usually produce?
basic necessities like agricultural tools.
What might be a dis for product-oriented business?
- it’s 📦 may not sell
2. hard to advertise
What is a market-oriented business?
a business that does market🔍 before making 📦.
What is the marketing budget?
an amount 💰 that the marketing department is allowed to spend on marketing a product/ product range.
Why are Market-oriented businesses have a better chance of survival?
- they adapt quickly to market changes
2. they take opportunities to arise
Why is it not common to find a product-oriented business?
because businesses can’t usually afford to make 📦 & hope it will sell
What are the types of info do you get from market research?
- qualitative
2. quantitative
How are theses info gotten?
by doing primary research/secondary research
What is primary research(field research)?
it is collecting the data directly from potential/existing customer.
What are the general adv for primary research?
- up to date
- first hand
- most effective when 🔎 for a solution for a specific prob.
- not available to other businesses (unless they do their own re🔎)
What are the dis of primary research?
- time-consuming
2. costly
What are ways of doing primary research?
- questionnaires
- online surveys
- interviews
- focus groups
What are the procedures taken in primary research?
- know why the research is done
- method of doing the research
- size of sample & who will be asked
- do the research
- collate and analyse the data
- produce a report of the findings
What are the adv of questionnaires?
- can be done online - online surveys
- customers’ opinion can be obtained
- qualitative info about the product can be obtained
- vouchers can be given to encourage participating in questionnaires
What are the dis of questionnaires?
- expensive
- takes time to collate and analyse
- if q are not well framed, misleading info can be gotten
What are the adv of online surveys?
- they can be analysed quickly using IT tools
- they are way cheaper than any other method of research
- easy for participant to fill
- fast response time
What are dis of online surveys?
- can’t reach to customers with no internet connection
- scope for fraud
- no interviewer to explain open-ended q and to ask follow-up q.
What are the adv of interviews?
- detailed info about the customer likes and dislikes of the product can be obtained
- interviewer to explain any q the interviewee did not understand
What are dis of interviews?
- time-consuming
- expensive
- interviewer can make the interviewee ans in a certain manner leading to false info
What are adv of focus groups?
- customer taste can be known
- discussion between group members lead to the business understanding reason for people opinion.
- quicker and cheaper than individual interview
What are dis of focus groups?
- expensive/time-consuming if specialist agency is supervising it
- some people may be dominated by others so experimenting the product may be required
