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Market Research Flashcards

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1
Q

What is a product orientation?

A

A product orientation is an approach to marketing that focuses on the characteristics of the product rather than the needs of the consumer. It is an approach often used by inventors who research, test and produce a product well before market research has taken place.

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2
Q

What is the emphasis of a product-oriented approach?

A

The emphasis will be on creating a product first and then finding a market.

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3
Q

What belief does a product-oriented business have?

A

The business has a belief that the product is superior, i.e. it will sell itself.

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4
Q

What is a potential risk of being too product-oriented?

A

Over time, being too product orientated means the business may move further and further away from what the market is looking for, thus increasing the risk of business failure.

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5
Q

Can you provide an example of a product-oriented business?

A

Gillette’s razors can be classified as a product-orientated business as the business focuses on the quality of its products and regular innovations aim to increase sales.

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6
Q

What are the tools of product orientation?

A
  • Product research
  • Product testing
  • Product focus
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7
Q

What is market orientation?

A

Market orientation is an approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs.

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8
Q

Who is at the center of marketing decisions in market orientation?

A

Consumers are at the centre of marketing decisions.

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9
Q

What is developed in response to consumer needs?

A

Products will be developed which respond to consumer needs.

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10
Q

What benefits does a business gain from market orientation?

A

The business is likely to benefit from increased demand, increased profits, and a valued brand image as its products are desirable.

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11
Q

Can you provide an example of market orientation?

A

Universities often develop new courses based on the feedback they receive from students and employers.

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12
Q

What are the tools of market orientation?

A
  • Market research
  • Market testing
  • Market focus
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13
Q

What is the aim of market orientation?

A

To develop products that meet needs identified by consumers during the market research process.

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14
Q

What is market research?

A

Market research is the collection, compilation and analysis of information about a market.

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15
Q

How does effective market research benefit a business?

A

Effective market research will help the business reduce risk when launching new products or entering new markets.

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16
Q

What can effective market research help anticipate?

A

Effective market research can help anticipate future needs and wants of consumers.

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17
Q

What does market research help understand?

A

Market research helps understand consumer behaviour.

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18
Q

What can market research identify regarding consumer demand?

A

Market research can identify potential consumer demand.

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19
Q

What does market research determine about pricing?

A

Market research identifies how much consumers are prepared to pay.

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20
Q

What can market research reveal about competitors?

A

Market research can identify competitors and gauge their potential strengths and weaknesses.

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21
Q

What types of data can market research data be?

A

Market research data can be quantitative or qualitative.

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22
Q

What is the ideal approach for data analysis in market research?

A

Any data analysis should ideally include a combination of quantitative and qualitative data.

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23
Q

What is quantitative data?

A

Numerical data.

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24
Q

What is qualitative data?

A

Data based on thoughts and opinions

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25
What is primary research?
Primary research is the process of gathering information directly from consumers in the target market using field research methods such as surveys and interviews.
26
What type of information does primary research gather?
Primary research gathers information that is new and does not necessarily exist in any format.
27
What is the most widely used method of gathering primary research?
The most widely used method is sampling by using surveys.
28
What is sampling?
Sampling in primary research is choosing a group of people from a population to gather original data directly, like through surveys or interviews.
29
What are surveys?
Surveys involve asking a series of questions to a certain number of people (respondents).
30
What is the purpose of the results from a survey sample?
The results from the sample are used to make inferences about the wider population.
31
How can a wide range of respondents be reached?
A wide range of respondents can be reached using online survey tools such as Survey Monkey.
32
What is observation in consumer research?
Observation involves hiring someone to stand in an appropriate location and study consumer behaviour in a store or judge potential consumer traffic at a particular location.
33
What can researchers observe regarding consumer choice?
Researchers may observe the impact of packaging on consumer choice or the impact of product placement in a store on consumer choice.
34
What is the main difference between interviews and surveys?
Interviews involve an interviewer asking questions, while surveys typically do not. ## Footnote Interviews allow for follow-up questions.
35
What is a benefit of using interviews over surveys?
Interviews take longer but allow the interviewer to gather information that may be missed in surveys. ## Footnote This includes the ability for interviewees to ask follow-up questions.
36
What is test marketing?
Test marketing involves providing free samples for a limited period to the target market to gauge their response to the product.
37
What are focus groups?
Free range discussions, led by a marketing specialist, collect detailed feedback from the target market.
38
What is the typical size of a focus group?
Usually limited to a small group of 12-15 people.
39
How long do focus groups typically meet?
The group typically meets for 90 minutes to 3 hours.
40
What is a key advantage of primary market research regarding information availability?
Information gathering is focused on the needs of the business and will not be available to its rivals.
41
What type of information can businesses obtain from primary market research?
The business can get in-depth information from respondents, for example, reasons behind certain behaviour. ## Footnote Example: Understanding why customers prefer a specific product over others.
42
How does primary market research ensure the relevance of the information collected?
Primary market research is more up-to-date and can be used to ask specific questions, so will be more relevant.
43
What is a disadvantage of primary market research regarding sample size?
The sample size may be too small and unrepresentative of all customers, leading to unreliable results.
44
How can bias affect primary market research?
Bias may mean that researchers can guide respondents to answer questions in a particular way.
45
What is bias?
Factors which cause individuals to favour one thing more than another.
46
What influence can other respondents have in primary market research?
Respondents may be influenced by the responses of others or not provide accurate information.
47
What is a potential cost-related disadvantage of primary market research?
A business may need to hire a specialist market research agency, making the process expensive and time-consuming.
48
What is secondary research?
Secondary research involves the collection, compilation, and analysis of data that already exists.
49
What are typical methods of secondary research?
Typical methods include purchasing market reports from specialist companies or accessing government statistical portals.
50
What type of information can be accessed through government statistical portals?
Government statistical portals provide useful information.
51
What are government statistical portals?
Government statistical portals are official websites where governments publish data like population, economy, health, and education statistics.
52
What is an advantage of secondary market research regarding time?
Information is already available and so is quicker to collect than primary research, thereby saving time.
53
What is an advantage of secondary market research regarding cost?
Information is often free or cheap to collect, leading to lower costs compared to primary research.
54
Who can benefit from secondary market research?
It is suitable for a small business that lacks a large marketing budget and/or expertise.
55
What is a disadvantage of secondary market research regarding relevance?
Information may lack relevance or may not be factually correct, as it has been collected for other purposes. ## Footnote Example: Wikipedia
56
What is a cost-related disadvantage of secondary market research?
It can be expensive to purchase market-specific secondary data from specialist companies. ## Footnote Example: MINTEL reports
57
What is a timeliness issue associated with secondary market research?
Information may be out-of-date, especially in dynamic markets.
58
What does ICT stand for?
ICT refers to information and communications technology.
59
How can company websites support market research?
Websites allow businesses to collect primary data cheaply, e.g. tracking consumer searches and analysing customer reviews, as well as collecting secondary data about rivals, e.g. prices and special offers. ## Footnote Pop-ups used on websites can also be an effective way of gathering information.
60
What is the purpose of databases in market research?
Databases can be used to store large amounts of customer information, e.g. Tesco loyalty cards, and are effective in collating customer e-mail addresses for targeted surveys later.
61
How does social networking contribute to market research?
Social networking focuses on gathering information about consumers via online social channels such as Twitter and Facebook, and is useful for running quick polls and surveys or tracking opinions about brands.
62
What is market segmentation?
Market segmentation is the process in which a single market is divided into submarkets, or 'segments'.
63
What does each market segment represent?
Each segment represents a slightly different set of consumer characteristics.
64
What factors do firms often use to segment their markets?
Firms often segment their markets according to factors such as income, geographical location, religion, gender, or lifestyle.
65
How is the crisp market segmented?
The crisp market is divided into many market segments.
66
What is an example of a segment targeted at middle to upper earners?
Dinner party snacks (e.g., Walkers Sensations, Pringles, Burts) are targeted at middle to upper earners/professionals with a premium price.
67
What is an example of a health-conscious crisp?
Health conscious crisps (e.g., Walker's Lite, Walkers Baked, Ryvita Lite) are targeted at the health conscious market.
68
What type of snacks are targeted at families and the mass market?
Lunch box value snacks (e.g., multipacks, Hula Hoops) are targeted at families and the mass market.
69
What does market segmentation recognize about consumers?
It recognizes that consumers are not all identical.
70
Do consumer groups share the same tastes and preferences?
No, consumer groups do not all share the same tastes and preferences.
71
How can products and marketing activities be adjusted in market segmentation?
They can be altered to meet the different needs of different groups of consumers and targeted more precisely.
72
What is a cost benefit of market segmentation?
It is less expensive and wasteful than marketing products at wide market segments.
73
How can market segmentation affect consumer loyalty?
It may increase loyalty if the consumer feels that their needs are being met, which can lead to repeat purchases.
74
What is a disadvantage of market segmentation regarding consumer behavior?
Not everyone within a segment will behave in the same way.
75
What challenge is associated with identifying market segments?
It may be difficult to identify a segment and consumers can belong to multiple segments at the same time.
76
What is a cost-related disadvantage of market segmentation?
Segmentation requires more detailed market research, which can prove costly - but beneficial - to the business.
77
What issue can arise with the size of a market segment?
A segment may be identified but it may be too small and unprofitable.

Business - 1.1: Meeting Customer Needs (3 decks)

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