Theme 1 - 1.2 Market research Flashcards
What is qualitative data ?
Non numerical data such as peoples opinion.
What is quantitative date ?
Numerical data.
What is product orientation ?
Where a business develops a product it is good at making rather than what customers want.
What is market orientation ?
Selling products based on customer wants and needs.
What is primary research ?
Data that is personally collected.
What is secondary research ?
Data gathered from a second party.
What is market segmentation ?
Dividing a consumer market up into categories of shared characterstics.
What is the reason for businesses collecting data ?
- To assess potential demand for a product.
- To assess competition in the market.
- To build a customer profile.
What are the benefits of market research ?
- Reduced risk of making poor and costly decisions.
- allows businesses to react to changes in the market.
- allows business to make a marketing plan based on the 4Ps.
How can loyalty cards be used as a form of primary research ?
businesses can gather information on customers to further micro market to customers specific wants and needs.
How can a focus group be used as a form of primary research ?
A target market can use a product or service over a period of time and give qualitative data back at the end of the period.
How can surveys be used as form of primary research ?
Can gather qualitative information in order to measure and improve customer satisfaction.
How can interviews be used a form of primary research ?
Can gauge reactions of customers to new products or services (as primary research is very specific to need of company).
What is test marketing ?
A product carefully offered to a chosen sample, to see weather the product should be launched or scrapped.
What are the benefits to secondary data.
- Fast to obtain
- Cheap to obtain
- Data such as annual report may be helpful to analyse success of the business.
