4.4 Market research Flashcards
Marketing process
The process of collecting and analysing data about customers, and competitors
Benefits
- Up to date information
- Identify likely future trends
- Improve marketing strategy
- Testing of new products
Limitations
- Costly
- Time-consuming
- Questionable reliability
Primary Research
First-hand
- Surveys
- Interviews
- Focus Groups
- Observation
Surveys
Quantitative (numerical results) and Qualitative research (non-numerical, behavioural)
Interviews
One on one discussions
Gain lots of Qualitative data
Pro - explain questions, higher % of responders
Con - Time consuming, costly and interviewer bias
Focus Groups
Small and interactive discussion groups with multiple people
E.g. Customer Panel
Pros – wider range of views, lively discussions
Cons – One member may dominate, costly
Observations
Watching how people behave rather than asking
Pros - Natural behaviour, inexpensive, non bias
Cons – Time-consuming, ‘what’ not ‘why’
Secondary Research
second-hand data
- Information that already exists collected by someone else for their specific purpose
Types of Secondary Research:
Market Analyses
Characteristics and outlook for a market
- market growth, demographics of customers
Types of Secondary Research:
Academic journals
Harvard Business Review
Journal of International Education
Types of Secondary Research:
Government Publications
E.g. population census, change in demographics
Types of Secondary Research:
Media articles
- Newspapers, TV
- Specialist media – BBC Business News, Marketing Weekly
Types of Secondary Research:
Company Accounts
Profit & Loss, Balance Sheet
Ethical considerations
Ask for permission:
- Observation?
Should not cause harm
- Confidential/anonymous
Own personal bias
