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makret research 2
| Term | Definition |
|---|---|
| market research | the process of gathering, analysing and interpreting information about a market |
| product orientated? | business is one who’s main focus of activity is the product itself |
| market orientated | one which carries out market research to find out consumer wants before a product is developed and produced |
| marketing budget | a financial plan for the marketing of a product or product range for some specified period of time time > for marketing department to know how much to spend |
| primary research | collection and collation of OG data via direct contact w existing customers |
| secondary research | uses info that has already been collected and available to use by others |
| primary research ++ | +up to date and relevant to business undertaking +usually planned out and carried out by ppl who want to use it first hand +most effective when used to gather info for specific +not available to other businesses |
| primary research —— | -can be expensive -can be time taking |
| questionaries +++ | +detailed qualitative info can be gathered about product/service +customers opinions = obtained +can be carried out online +to encourage people to do, vouchers can be offered |
| questionares - - - | - if quetsion = not well thought out, misleading - carrying out takes time and money -collating and analysing also time consuming |
| online surveys + | +fast with quicker response time +cheaper than interviews/postal +easy to complete for participant +data collected can be quickly presented and analysed with IT tools |
| online surveys - - | -absence of interviewer to explain open ended questions -cannot reach potential respondents with no internet access -scope for fraud (people doing just for incentives) -old ppl not on internet much |
| interviews +++ | +interviewer can explain open ended questions +detailed info gathered |
| interviews - - - | - may lead interviewee into answering in a certain way (inaccurate results, interviewer bias) -very time consuming and also expensive |
| focus groups + + + | + detailed info +quicker and cheaper +interactions in members helps business understand |
| focus groups - - | -time consuming + expensive if specialist market agency conducts -discussion could be biased if some ppl on panel = influenced by others - can be dominated by just a few people |
| sample | a group of ppl selected to respond to market research exercise |
| random sample | when ppl are selected at random as source of info for market research |
| quota sample | when ppl are selected on basis of certain characteristics for market research |
| secondary research + + | + much cheaper way +can asses total size of market +newspapers may carry vital economic forecasts +quicker, less time consuming |
| secondary research - - | -out of date data -available to everyone (competitors) -may not be completely relevant to specific |
| sources of secondary, internal and external | internal > sales department records; opinions of personnel; finance department; customer records; sales reports external > government statistics, newspapers, trade association, market research agencies, online sources |
Created by:
elisseu
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