4.4 market research

Question 1

reasons for carrying out market research

Answer 1

• identifying consumer needs and wants
• identifying potentialchanges in the market such as changes in consumer patterns
  -establishing the consumers like a dislike and testing new products
• evaluating existing marketing efforts in attracting consumers
• investigating new possibilities in existing or new markets

Question 2

social enterprise

Answer 2

social purpose to meet human need

Question 3

product based research

Answer 3

company tests a new product to a specific area for a limited time- company gain information about how closely the product meets the needs of its target market

Question 4

price- based research

Answer 4

in highly competitive markets, new companies may be forces to base their prices on competitors.

Question 5

promotion- based research

Answer 5

important for companies to understand which media their target market accesses.

Question 6

place based research

Answer 6

selecting right distribution channels

Question 7

people based research

Answer 7

important that people representing a brand are well trained in how best to inform and support the customer. understand the type of customer service

Question 8

process based research

Answer 8

focuses on how to implement an appropriate process for delivering the service.

Question 9

physical evidence based research

Answer 9

involves researching the sensory and visual experiences of the customer.

Question 10

primary research defenition and examples

Answer 10

creating new information
eg:
- surveys
- interviews
- focus groups
- observations

Question 11

secondary research definitions and examples

Answer 11

using existing information
- market analyses
- academic journals
- government publications
- media articles
- other online content

Question 12

surveys

Answer 12

surveys collect data from large numbers of respondents and is suitable for quantitative data and qualitative data
- online surveys
- surveys by phone
- face to face

Question 13

interviews

Answer 13

gain large amount of qualitative data, allows follow up questions

Question 14

focus groups

Answer 14

interview with small group with similar characteristics- share opinions

Question 15

market analyses

Answer 15

up to date information on competitors, consumers, the countries regulations etc

Question 16

academic journals

Answer 16

contain articles on new research and academic theories

Question 17

government publications

Answer 17

cover topics such as population statistics and economic conditions

Question 18

media articles + online content

Answer 18

contain breaking news on topics
+ online content like social media, websites, e comerse, data , pricing investor relation pages

Question 19

positives and negatives of primary resarch

Answer 19

+= provides direct info about customers tastes, info on reason of purchases, unique info advantage to competitors
-= expensive and time consuming, needs staff training, can be difficult to construct

Question 20

secondary research advantages and disadvantages

Answer 20

+= provides info at lower cost, broader contexual info on who economy, population etc, already available
-= rely on research method of others, info that the business want may not exist, may not fit right purpose

Question 21

qualative vc quantitive

Answer 21

qualitative=collecting opinions and human knowledge
quantitive=numerical data like surveys

Question 22

sampling

Answer 22

taking a sample of people in a population for research purposes

Question 23

3 types of sampling

Answer 23

random sampling- random group
quota sampling- dividing based on characteristics and taking the groups
convencience sampling- taking whos available

Question 24

desciptive statistsics

Answer 24

mean, mode (most occurs) , median , standard deviation, pie chart, bar chart, inforgraphic, quartiles

Question 25

what is correlation and causation

Answer 25

correlation- statistical relationship between variables causation- they are related for a reason