4.4 Market research

Adalmiina
Flashcards by Adalmiina , updated more than 1 year ago
Adalmiina
Created by Adalmiina almost 6 years ago
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Flashcards on 4.4 Market research, created by Adalmiina on 05/14/2015.

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Question Answer
Market research Marketing activities designed to identify customer wants and needs.
Ad hoc market research Takes place on an ‘as and when necessary’ basis
Continuous research Takes place on a regular and ongoing basis
Role of market research - give businesses up to date information - enable businesses to improve marketing strategies - assesses customer reactions to a new product by testing it on a small group of customers - gives businesses and understanding of the activities and strategies used by their rivals - help businesses predict what is likely to happen in the future
Primary research Gathering new data first hand for a specific purpose
Benefits of primary research (CURry) - relevance; carried out for specific purpose, so directly addresses questions that need to be answered - up to date - unique and confidential
Drawbacks of primary research - time consuming - costly - validity
Methods of primary research Surveys, interviews, focus groups and observations
All market research should be held on the premises of... ORCA: - objectivity - relevance - cost - accuracy
Surveys Surveys contain questions used to collect data for a specific purpose. In order to for a survey to be effective it should avoid bias in wording, avoid technical jargon, include both open and closed-ended questions, not have too many qns, be tried and tested and include only relevant data.
Interviews Involve one-to-one discussion. Main drawback is that they are time-consuming and don't provide quantifiable data.
Focus groups Forming small discussion groups to gain insight into the attitudes and behaviour of respondents. Drawbacks include mainly extrovert participation, and pressure to conform to the majority view.
Observations Watching how people behave and respond in different situations. A benefit is that they record actual behaviour, rather than hypotheses of people. Nonetheless, they don’t show WHY the people do what they do.
Secondary research Involves collection of second-hand data and information that already exists
Benefits of secondary research (FISSC) - cheap and fast to collect - wide range of sources - provides insight - statistically valid
Drawbacks of secondary research - collected for another purpose - out of date - available to competitors - lack of knowledge on the objectivity etc of the research conducted
Methods of secondary research Media articles Academic journals Government publications Market analyses
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