Market Research Flashcards
(10 cards)
What is an entrepreneur?
An entrepreneur is the person who takes the initiative and risk to set up a business in the hopes of making a profit
What are the benefits of market research?(6)
- Information about customers needs and wants
- Consumers reactions to the changing of an existing product or service
- Information about their competitor
- The best price to charge their customers
- How effective the advertising campaign for the product is
- Hope likely the level of demand or sale is for a new product
What are the 5 uses of market research ?
- 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
What is a target market?
A target market is the group of people who all need or want a particular product or service . It is who your business is aimed at
What is desk research?
Desk research involves looking at information that is already available ( also calleds secondary research ) e.g CSO ( Central Statistics Office )
What are the advatages of desk research ?
Quick as information already available
Easy as information already available
Cheap as no need to hire someone when the information is already available
What are the disadvantages of desk research?
Information may not be useful / what you were hoping to find
Information may be out of date
Information overload may occur when researching a popular topic
What is field research ?
Field research involves going into the current market to gather information first hand from your target market ( also called primary research )
Three examples of field research
Accept the following…
Focus group
Observation
Survey
What are the types of questions on a survey /questionaire ?
Closed question - yes or no
Multiple choice question -consumer picks between listed options
Open ended question - consumer has the option to write whatever answer they choose
