Market Research Flashcards
(22 cards)
How does an entrepreneur come up with ideas
B
E
C
M-r
I-s
Brainstorming
Entrepreneurship
Competitors
Market research
What is brainstorming
T i w a L o n i a r t o t d w a f t o t d
this involves writing a list of new ideas and rejecting the ones that won’t work and following the ones that do.
What is entrepreneurship
T i e i a b c u w a s t i t b
this involves employees inside a business coming up with a suggestion to improve the business.
What are competitors
T i c a p t a e. B c o c a p
this involves copying a product that already exists. Be careful of copyright and patents.
What is import substitution
A p t i c i i n m i I
a product that is currently imported is now made in
Ireland.
What is market research
I t g r a a o i a c o t h t b m i d
is the gathering, recording and analysis of information about consumer opinion to help the business make informed decisions.
Benefits of market research
1. I a c n a w
2. C r t c t a e p o s
3.i a t c
4. T b p t c t c
5. H e t a c f t p i
6. T L L o d/ s f a n p o s
- Information about customers’ needs and wants.
- Consumers’ reactions to changes to an existing product or service.
- Information about their competition.
- The best price to charge their customers.
- How effective the advertising campaign for the product is.
- The likely level of demand / sales for a new product or service.
What is the use of market research
- T I w i h I t m
- T I w i L t h I t f
- T e t c o c I t m
- T I n m p
- T I g I t m
- To identify what is happening in the market.
- To identify what is likely to happen in the future.
- To explain the causes of changes in the market.
- To investigate new market possibilities.
- To identify gaps in the market.
Types of market research
Market research -> field research
Market research -> desk research
What is desk research
L a i t i a a. I I a c s r a t I h a b g f a p
looking at information that is already available. It is also called Secondary Research as the information has already been gathered for another purpose.
Examples
Newspapers
sales reports
Advantages of desk research
Q t c a i a a - s t
E t c a i a a
C a n n t h s t c i
Quick to collect as information available already - saves time
• Easy to collect as information available already
• Cheap as no need to hire somebody to collect information
Disadvantages of desk research
I m n b r o u t t b
I m o-d o i
I o m o a L v o i a
• Information may not be relevant or useful to the business
• Information may out-dated or inaccurate
• Information overload may occur as large volume of information available
What is field research
G I t m t g I f-h f y t m. I I a c p r a y a m d c w p c
going into the marketplace to gather information first-hand from your target market. It is also called Primary Research as you are making direct contact with potential consumers.
Examples
- Surveys/Questionnaires
- Observation
- Focus Groups
What is a survey/ questionnaire
Q c a t p/s
questioning consumers about the product/service. Questions should be clear and not lead the consumer.
Advantages of survey questionnaire
C a i t o t
D I p
• Consumer answer in their own time
• Detailed information provided
Disadvantages of survey/questionnaire
D r
L r r
• Dishonest responses
• Low response rate - especially online & telephone
What is observation
W t c I a
watching the consumer in action.
Advantages of observation
L n o p c b o
C m o f r
Large number of people can be observed
• Cheap method of field research
Disadvantages of observation
T s
L I g- y k w p w c b n w
Time consuming
Limited information gained -you know what product was chosen but not why
What is a focus group
A g o c b t t d a p o s
a group of consumers brought together to discuss a product or service
Advantages of focus groups
L n o o c
Large number of opinions collected
Disadvantages of focus groups
O g m m d c
One group member may dominate conversation
