Chapter 51, Identifying customer needs: Market research Flashcards Preview

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

Market Research

A

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
Q

Quantitative research

A

Concentrates on the collection of facts and statistical numerical data

3
Q

Qualitative research

A

concentrates on subjective opinions

4
Q

Primary research methods

A
  • interviewing
  • surevys and questionnaires
  • observation
  • consumer panels
  • Focus groups
  • Trial marketing
5
Q

Interviewing

A

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

6
Q

Surveys and Questionnaire

A

a quick, economical way of gaining opinions

7
Q

Observations

A

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

8
Q

Consumer panels

A

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

9
Q

Focus Groups

A

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

10
Q

Trial Marketing

A

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

11
Q

Secondary Research methods (internal)

A
  • Sales/data figures
  • previous survey results
  • customer information
  • company reports
12
Q

Secondary Research methods (external)

A
  • Market research companies
  • The internet
  • Trade publications
  • Newspapers and magazines
  • competitors