Chapter 43: Market Research

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Flashcards by 19leesia, updated more than 1 year ago
19leesia
Created by 19leesia over 5 years ago
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GCSE Business Studies Flashcards on Chapter 43: Market Research, created by 19leesia on 02/24/2016.

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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 ad: original info can be tailored to the needs of customers dis: time consuming sometimes expensive
explain the uses of market research market(market size, trends, sales) competition(장점/단점 of competitors) price product(wants and needs) promotion(effectiveness/method) place(best outlets of products)
Methods of Primary Research Questionnaires Focus groups/ Control Panels Observation Test marketing
Good factors in questionnaires balance of open and closed questions clear and simple questions no leading questions(unbiased) short and concise
questionnaires irl 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 small group of people which must represent a proportion of total market in research
factors 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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