3.2a Primary Market Research Flashcards Preview

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Flashcards in 3.2a Primary Market Research Deck (16):
1

Market research definition

Collection, analysis and evaluation of information that is intended to assist the marketing process

2

Primary research definition

Research that finds information which did not exist before the research began

3

Primary research is also known as...

Field research

4

Advantages of primary research

Information is:
1. Relevant
2. Accurate
3. Up to date
4. Owned by the business

5

Disadvantages of primary research

- Costly
- Time-consuming
- Potential customers can become irritated by surveys
- Could be biased

6

Primary data examples

- Observation
- Surveys
- Focus groups

7

What does experiment/test marketing involve?

Selling a new product in a small section of the market in order to assess customer reaction

8

Advantages of test marketing

Allows them to see whether the product will be successful or not

9

Disadvantages of test marketing

Product is only released in small area of market so data may not be accurate

10

What is observation?

Watching how customers behave

11

Advantages of observation

- Cheap
- Allows product to be designed according to customer behaviour

12

Disadvantages of observation

Reason why customer is behaving in a particular way is unclear

13

Focus groups definition

Groups of potential customers that are brought together to discuss their feelings about a product or market

14

Advantages of focus groups

- Very detailed and accurate
- Good feedback

15

Disadvantages of focus groups

- Time consuming
- Can cost a lot

16

Different types of surveys

- Postal surveys
- Telephone surveys
- Online surveys
- Face-to-face surveys

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