Flashcards
Market research
Flashcards do conjunto (13)
- 1market research - the process of collecting, recording and analysing data about customers, competitors and marketresearch will help a business analyse customer reaction to :
- different price levels
- alternative forms of promotion
- new types of packaging
- preferred means of distribution - 2market research - the process of collecting, recording and analysing data about customers, competitors and marketresearch will help a business analyse customer reaction to :
- different price levels
- alternative forms of promotion
- new types of packaging
- preferred means of distribution - 3market research - the process of collecting, recording and analysing data about customers, competitors and marketresearch will help a business analyse customer reaction to :
- different price levels
- alternative forms of promotion
- new types of packaging
- preferred means of distribution - 4market research - the process of collecting, recording and analysing data about customers, competitors and marketresearch will help a business analyse customer reaction to :
- different price levels
- alternative forms of promotion
- new types of packaging
- preferred means of distribution - 5market research - the process of collecting, recording and analysing data about customers, competitors and marketresearch will help a business analyse customer reaction to :
- different price levels
- alternative forms of promotion
- new types of packaging
- preferred means of distribution - 6the need for market research+ to reduce the risks associated with new product launches
+ to predict future demand changes
+ to explain patterns in sales of existing products and market trends
+ to assess the most favoured designs, flavours, styles, promotions and packages for a product - 7market research process- problem identification
- research objectives
- sources of data - primary or secondary
* primary data - collection of first hand data that Is directly related to a firms need
* secondary data
collection of data from second hand sources - 8sources of secondary data- government publications
- local libraries and local government offices
- trade organisation
- market intellegince reports
- newspaper reports and specialist publications
- internal company records
- internet
+ obtained very cheaply apart from market intellegince report
+ identifies the nature of market and assists with planning of primary research
+ obtained quicjly without need to devise complicated data gathering methods
+ allows comparison of data from different sources
- it was originally collected for another purpose so may not be entirely suitable or presented in most effective way for business using it
- data collection and accuracy of these may be unknown as it was collected by different person
- might not be available for completely new product developments therefore only useful where product exists - 9methods to collect primary research dataobservation
interviews
questionnaires offline and online
potential customers taste the product and give feedback - 10primary research+ up to date and therefore more useful than most secondary hand data
+ relevant collected for a specific purpose so directly addresses questions business wants answers to
+ confidential no other business and access to this data
- costly,
- time consuming secondary date could be obtained from internet much more quickly
- doubts over accuracy and validity - 11methods of primary research- quantitave
- qualitative - 12qualitative research - focus groups, a group of people who are asked about their attitude towards a product, services, advertisement or new style of packaging this information is often believed to be more accurate and realistic than responded to individual interview or questionnaires where respondents don't have discussion opportunity presented by focus groups + allows discussion between each other so customers opinion are less baisedb + researchers are present and take part in discussion to only stimulate it which improves decision making by researchers - risk of researchers leading or influencing discussion - time wasting - difficult to compile dataconsumer surveys
these involve directly asking consumers or potential consumers for their opinions and preferences
- who to ask
- what to ask
- how to ask
- how accurate is it - 13qualitative research methods - research that leads to numerical results that can be statically analysed- observation and recording
- test marketing
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- Descrição
- FlashCards sobre Market research, criado por prisha patel em 24-03-2019.
- Criado por
- prisha patel
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