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Flashcards in Market Research Deck (38)
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1

what is market research

it is the systematic gathering and recording of data about a product and its target market

2

why can research be used to improve the effectiveness of an organisation

-it can help identify the specifics of the market
-it can help assess the strengths of competitors
-gap in the market

3

what are different methods of sampling

Quota and random sampling

4

what is quota sampling

-it is used if the average consumer profile is known
-cheaper than random sampling
-results may not rep the target market as the interviewer bias impacts who is picked

5

what is random sampling

-people are picked randomly from a list
-simple system
-expensive
-time consuming
-if the person is unavailable the interviewer must contact them again and again

6

what is desk research

it involves re using previous info for another purpose and is completed by a researcher without direct contact with respondents

7

why is desk research effective

it gives a variety of information and allows a greater understanding of PESTEC factors. info should be instantly available

8

what are the drawbacks of desk research

-it may be available to rivals so does not bring a competitive advantage
-information may not be good quality

9

what does desk research involve

research of secondary info:
-websites give a great deal of info about the rest of the industry
-stats like gov figures can help make decisions on target market
-previous information

10

what is field research

it is carried out by a researcher to obtain first hand information which often involves direct contact

11

what are examples of field research

personal interview
telephone survey
postal survey
group discussion
customer audit
epos
hall test
observation
test marketing

12

what is a personal interview

face to face interview

13

what are the advantages of a personal interview

-2 way communication
-misunderstanding dealt with quick
-skilled researcher

14

what are the disadvantages of a personal interview

-costly
-time consuming
-unpopular

15

what is a telephone survey

researcher phones people to ask them questions

16

what are the advantages of a telephone interview

-pretty inexpensive
-immediate response
-clarification can be given

17

what are the disadvantages of a telephone interview

-straight forward questions needed
-participants hostile if privacy is invaded

18

what is a postal survey

researcher posts a questionaire to selected houses which are returned

19

what are the advantages of a postal survey

-cheap as no interviewer needed
-no interviewer bias
-easy to segment market via post codes

20

what are the disadvantages of a postal survey

-time consuming to make questionnaire
-simple questions only
-low response rate

21

what is a group discussion

involves meeting between selected people led by an experienced person who encourages open discussion

22

what are the advantages of group discussion

-more detailed in depth info
-stimulates discussion
-get opinions and ideas

23

what are the disadvantages of group discussions

-analysis harder is widely different views
-dominant members can sway discussion
-cost of bringing several respondents

24

what is customer audit

continuous research by market research org on buying habits of a specific group

25

what are the advantages of customer audit

-used to monitor specific segments
-possible to identify trends
-respondents get better at expressing opinions

26

what are the disadvantages of customer audit

-incentives may be needed to encourage participation
-difficult to keep the same panel for a long time

27

what is EPOS

electronic point of sale:
used by retailers to record data about shopping habits of consumers when a card is used

28

what are the advantages of EPOS

-very accurate consumer profiles can be set up
-can gail customer loyalty as they feel valued

29

what are the disadvantages EPOS

-expensive set up and to monitor the system
-know what consumers and doing but not why

30

what is hall testing

inviting customers to look at and try a product then give their reaction