Start Up Market Research Flashcards Preview

U1- Business -Ansell > Start Up Market Research > Flashcards

Flashcards in Start Up Market Research Deck (20):
0

Market research

the starting point to discovering what the market is like:

1

Primary market research

Primary research involves going out and doing brand new, tailor made activities that answer specific questions.
Eg. Questionnaires or focus groups

2

Advantages of primary market research

. It gives you the latest, up to date information from the market place
. Can access the psychology of the customer
. Can aim questions directly at your research objectives

3

Disadvantages of primary market research

. Results may only be usable if comparative back data exists
. Expensive - £10,000+ per survey
. Risk of questionnaire and interviewer bias

4

Secondary research

•Secondary research involves using existing information to provide answers.
Eg using the internet or government statistics

5

Advantages of using secondary market research

. Obtained without cost
. Good overview of the market
. Usually based on actual sales figures or research on large samples

6

Disadvantages of secondary market research

. Expensive to buy reports on many different marketplaces
. Not tailored to your own needs
. Data may not be updated regularly

7

Qualitative data

–Data about opinions, attitudes and feelings

8

Quantitative data

Data collected in numerical form, usually large scale

9

Qualitative market research

. based upon the opinions of a small focus group or in-depth one to one interviews rather than numbers.

10

Advantages or qualitative market research

•It examines why customers do what they do e.g. what customers think of a certain brand.

•This can often be more useful to businesses as it gives them real life information from the mouths of the customers.

12

Advantages of quantitative market research

•It is often used to show what is happening in the market e.g. brand x has 56% of the market share.

•It is used to explain what has happened.

13

Quantitative market research

based on relatively large samples and is therefore statistically valid.

14

Sample

a small group or sample are that represent the larger target market.

15

Target market

Everyone in the population who you want to market your product or service to

16

Random sampling

•All the members of the target population have an equal chance of being selected.

•Often lists are used and randomly names are selected.

17

Disadvantage of random sampling

can be time consuming as once the names are selected, these people have to be contacted and surveyed

18

Quota sampling

Interviewers select people within the target population who meet certain criteria e.g. age, income, gender.

19

Advantages of quota sampling

easier and quicker to complete than a random sample (hit your quota and stop)

20

Stratified sampling

•A selection people are randomly chosen from within a sub group.

•This is used when the target population has particular characteristics that you want reflected in your sample. (Females 17-24)