11804581
Description
Flashcards by Virginia Vidal, updated more than 1 year ago
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Created by 19leesia
over 8 years ago
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Copied by Virginia Vidal
over 6 years ago
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| Question | Answer |
| why do market research? | helps reduce risk of failure ↑success |
| why use Primary Research | collect new info and sources |
| advantages and disadvantages of primary research | PROS original info can be tailored to the needs of customers CONS time consuming sometimes expensive |
| explain the uses of market research | market (market size, trends, sales) competition (number of competitors) price product (wants and needs) promotion (effectiveness/method) place (best outlets for products) |
| Methods of Primary Research | Questionnaires Focus groups/ Control Panels Observation Test marketing |
| Factors to consider when writing questionnaires | balance of open and closed questions clear and simple questions no leading questions (unbiased) short and concise |
| Problems with questionnaires as a research tool | postal survey (waste of paper, no reply) telephone interviews (cheap, disliked) personal interviews (detailed, disliked) online surveys (↑answers) |
| Focus groups/ Control Panels | ↑detail customers invited to attend discussion among researchers CP: asked for feedback over time |
| Observation | watch customer's behavior no feedback questions are not answered |
| Test marketing | selling product in a certain area before expanding reduces failure |
| Secondary research | business websites media commercial publication government publications internal data external data competitors |
| Business websites | history price lists product information outlets new releases |
| Media | newspaper magazine television |
| Commercial publications | data gathered by market thats sold to businesses |
| Government publications | population data economic data (inflation, retail spending, unemployment) |
| Internal data | sales figures budgets reports stock data complains previous research |
| Competitors | annual reports price lists product catalogues PR material |
| Sample/Sampling | small group of people which must represent a proportion of total market in research |
| Ways of dividing samples | age gender income |
| Stratified sample | samples that are divided to help to get a representative across different groups |
| Limitations of Market Research | data can be biased (sample≠representative) unpredictable (irl≠research) poor research technique |
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