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Market Research
The gathering, recording and analysis of information about a consumer’s opinion of a product or service.
Field/Primary Research
Gathering information 1st-hand. Direct contact with customers and potential customer.
Surveys/Questionnaires
Asking consumers questions about the product or services. Responses are analysed. Question types - 1 ~ closed, 2 ~ multiple choice, 3 ~ open ended
Focus Group
Group of consumers brought together to discuss a particular product or service. Adv - Efficient. Disadv - members may dominate responses
Observation
Watching/viewing consumers. Often used in retail stores. Adv - cheap, large number. Disadv - time consuming, limited infor
Desk/Secondary Research
Information that has already been gathered by other people and is now available for others to use. Adv - Cheap, quick, easy to obtain. Disadv - time conuming, lots of info
Target market
Group of people who are likely to want to buy a particular product or service
Niche Market
Market that targets a specific and often small group of people.