Business Studies - Topic 11 (incomplete)

Market research

The process of gathering, analysing and interpreting information about a market.

Product oriented business

A business whose main focus of activity is on the product itself

Market oriented business

A business that carries out market research to find out consumers once 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. It specifies how much money is available to market a product or range, so that the marketing department knows how much it may spend.

Primary research

The collection and collation of original data via direct contact with potential or existing customers

Secondary research

Information that has already been collected and is available for use by others

Questionnaire

A set of questions to be answered as a means of collecting data for market research

Online survey

A survey that requires a target sample to answer a series of questions over the Internet

Interview

Asking individuals a series of questions often face-to-face or over the phone

Focus group

A group of people who are representative of the target market

Sample

A group of people who are selected to respond to a market research exercise, such as a questionnaire

Random sample

When people are selected at random as a source of information for market research

Quota sample

When people are selected on the basis of certain characteristics as a source of information for market research

What are advantages of primary research?

• Data has been collected directly 

• Data relates directly to the nature of researchers study

• Up to date

What are disadvantages of primary research?

• Expensive to collect

• Time consuming

What are advantages of secondary research?

• Cheap

• Ease of access, quick

What are disadvantages of secondary research?

• Available to competitors

• Not for a specific purpose

• Maybe incomplete information

What are methods of primary research?

• Questionnaires

• Online survey

• Interview

• Focus group