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Flashcards in unit 2market research Deck (19):
1

marketing definition

the management process for identifying anticipating and satisfying customer requirements profitably

2

identifying

an important part of market research

3

why is market research important

business collect info on how products will be bought
this could also prevent losses so money is not wasted on things that will not sell.

4

primary research

collecting original information collect firsthand through surveys questionnaires and trials
field research
people must go out
expensive and time consuming
can pay other to do it for you

5

secondary research

the use of data that has already been collected and published by someone else for a totally different piece of research
statistic sales report new paper articles, the web etc.
desk research.
cheap

6

qualitative data

data that has the opinion of the customer.
found mostly in primary research.
harder to collate and analyse but gives a good level of detail responses

7

quantitative data

is related to facts and numbers and it is easier to interpret than qualitative data

8

questionnaires primary research

common
postal or online
people can be asked whether they will use the product or not
good- cheaper than interviews, easy to target
bad- people may not understand when they fill the form, hard to predict how may copies are filed in

9

interviews primary research

customers are personally asked the question, telephone or by person
good- person van be explain to if they do not understand they question, easy to target on streets
bad- expensive , customers may feel uncomfortable

10

trials primary research

product is sold for a short time or in certain locations for a while
good- saves money if conducted in smaller areas
bad- still costly set up, may not represent a full market

11

focus groups primary research

small group based on target market for product or service. helps for advertisement
good- accurate , represents larger market
bad- smaller groups are less reliable and it is expensive

12

secondary research census data

in The UK each household must do a census.
a night club for 18+ can find out how may 18 year olds there are in a certain community
every ten years so it can be inaccurate
2021 April will be the next one.

13

secondary research websites

information can be found on the web
many companies put information about themselves on the web
competitors can compare each others products and sales

14

secondary research internal data

business's often put up the past years worth of sales figures profits
comments from customers and departments and staff
helps a business make important decisions

15

secondary research newspapers and magazines

information that can be useful found in newspapers
trends fashion latest news
help to develop products suited for market
can be found on net

16

secondary research disadvanatges

might not be what a business wants
might not be up to date
difficult to analyse and understand as it was made for another business

17

secondary research advantages

lots of data
cheaper than primary
completed by another organisation

18

questionnaires open questions

respondent can give any answer that they want qualitative data

19

questionnaires closed questions

selection of answers to choose from quantitative data