Chapter 3.2 Flashcards
(27 cards)
What is product-oriented marketing?
Businesses produce a product first and then try to find a market for it. Examples include refrigerators, smartphones, and fitness trackers.
What is market-oriented marketing?
Businesses conduct market research to understand customer needs, then produce a product to meet those needs.
What is primary research?
The collection of original data directly from customers, such as through questionnaires, interviews, and focus groups.
What are the advantages of questionnaires?
Can collect detailed information, reach many people at once, and are easy to analyze due to standardized questions.
What are the disadvantages of questionnaires?
Misleading questions, different interpretations by respondents, and possible dishonesty in answers.
What are the advantages of interviews?
Ability to ask follow-up questions and gather highly detailed information.
What are the disadvantages of interviews?
Time-consuming and the interviewer may influence answers based on how questions are asked.
What are the advantages of focus groups?
Detailed opinions from multiple people, providing a wide range of insights.
What are the disadvantages of focus groups?
Time-consuming, expensive, and participants’ opinions can influence each other.
What are the advantages of observation as a research method?
Inexpensive and provides real-time data on customer behavior.
What are the disadvantages of observation?
Limited to basic data and lacks understanding of the reasons behind customer actions.
What is the purpose of sampling in market research?
Sampling involves selecting a small group to represent the larger population, as surveying everyone would be too expensive and time-consuming.
What is a random sample?
A sampling method where anyone from the population can be selected for research.
What is quota sampling?
A sampling method where people are selected based on specific characteristics, and researchers must meet a set number of participants.
What is secondary research?
Gathering data from existing sources, such as internal records, government statistics, newspapers, and internet articles.
What are the advantages of secondary research?
Low cost, readily available, and quicker to obtain data.
What are the disadvantages of secondary research?
The data may be outdated, irrelevant, or not tailored to the business’s specific needs.
What are internal sources of secondary data?
Data available from a business’s own records, such as sales data, pricing records, and customer complaints.
What are external sources of secondary data?
Data from outside the business, such as government statistics, market research agencies, and internet articles.
What factors affect the accuracy of market research data?
Appropriateness of the sample, phrasing of questions, bias of the researcher, and the age of the information.
What are tally tables used for in market research?
They record raw data in its original form without analysis.
What are charts used for in market research?
To display data in a bar or column format, showing total figures for each piece of data.
What are graphs used for in market research?
To show the relationship between two sets of data and identify trends over time.
What is the advantage of using primary research?
It provides up-to-date and tailored information specific to the business’s needs.
