Chapter 51, Identifying customer needs: Market research Flashcards Preview

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Flashcards in Chapter 51, Identifying customer needs: Market research Deck (12):
1

Market Research

A systematic, objective collection and analysis of data about a particular target market.
used to:
- describe the market
- explain the market
- predict changes in the market
- investigate the reaction of consumers in the future

2

Quantitative research

Concentrates on the collection of facts and statistical numerical data

3

Qualitative research

concentrates on subjective opinions

4

Primary research methods

- interviewing
- surevys and questionnaires
- observation
- consumer panels
- Focus groups
- Trial marketing

5

Interviewing

lots of opinionative info can be extracted easily and accurately. however, it can be time-consuming and therefore expensive

6

Surveys and Questionnaire

a quick, economical way of gaining opinions

7

Observations

watching the consumers use a product offers good insight in situations where other methods cant because such as children's toys

8

Consumer panels

samples of new products are sent to panel members who fill out forms to gauge their responses to the products

9

Focus Groups

usually, consist of about 8 - 10 people who offer various stimuli and their responses are recorded

10

Trial Marketing

Trialing new products to see how quickly their are received by consumers

11

Secondary Research methods (internal)

- Sales/data figures
- previous survey results
- customer information
- company reports

12

Secondary Research methods (external)

- Market research companies
- The internet
- Trade publications
- Newspapers and magazines
- competitors