4.4 Flashcards
(30 cards)
Why do organizations carry out market research?
identifying customers’ needs and wants
identifying potential changes in the market
establishing what consumers like and dont like
evaluating existing marketing efforts in attracting consumers
investigating new possibilities in markets
Why do social enterprises carry out market research?
to meet a human need; identify which human needs they should address
What is product-based research?
companies tests by releasing a new products to a specific area for a limited time to see how closely the product meets the needs of its target audience
What is price-based research?
companies base their prices on those of their competitors. companies regularly research the market to find out pricing strategies of competitors
What is promotion-based research?
companies must understand which media their target market accesses; wrong media = message isnt seen
What is place-based research?
researching the right distribution channels and ways to distribute the product
What is people-based research?
researching the type of customer service experience that will ensure clients become repeat customers
What is process-based research?
researching how to implement an appropriate process for delivering the service; comparing processes to that of leading competitors
What is physical-evidence based research?
researching the visual experiences of the customer
What is primary research?
the creation of new information for the business
What are surveys?
collecting quantitative data from large numbers of respondents in a short time
What are interviews?
gathering qualitative data similar to surveys where researchers ask questions to gain information
What are focus groups?
an interview conducted with a small group of individuals with similar characteristics
What are observations?
observing natural reactions of customers to be studied
What is secondary research?
use of information that has already been gathered
What are market analyses?
report analysis on details about competietors, information about consumers, descriptions of business regulations
What are academic journals?
articles on new research and academic theory
What are government publications?
data from the government covering topics like population statistics and economic conditions
What are media articles?
articles covering local/national information on media
What are some other online content?
social media, company websites, sales data from businesses’ page, press releases and company reports
What are uses of primary research?
provides direct info about customer preferences
provides info about reasons for purchases
provides unique information about customer
What are limitations of primary research?
expensive and time-consuming
staff may need training
difficult to construct questions and experiments
What are uses of secondary research?
provides info at lower cost
provides broader contextual information about whole economy or population
published info is already available
What are limitations of seocndary research?
business relies on research methods of others
info that the business wants may not exist
existing info may not be fit for business’s purpose
