Market Research Flashcards

Flashcards covering key vocabulary and concepts in market research, including primary and secondary research methods, qualitative and quantitative data, and the role of social media.

Purpose of Market Research

To identify and understand customer needs, to identify gaps in the market, to reduce risk, and to inform business decisions.

Market Research

Gathering, presenting, and analyzing information regarding the marketing and consumption of goods and services.

Primary Research (Field Research)

Collecting data that does not already exist; provides new, adaptable data but can be costly and time-consuming.

Questionnaire

List of written questions used to record views and opinions of respondents; can be postal, telephone, personal, or online.

Focus Groups or Consumer Panels

Detailed information gathered from a group discussion led by market researchers; cost-effective but may not be reliable due to small group size.

Observation

Researchers watch the behavior of customers, often in retail settings, to record their actions; provides no direct feedback.

Test Marketing

Selling a new product in a limited area to test sales levels before a wider launch; feedback is used to modify the product.

Secondary Research (Desk Research)

Collecting information that already exists, either internally or externally; quicker and easier but may be outdated or inaccurate.

Qualitative Data

Data about attitudes, beliefs, and intentions, often gathered through focus groups, interviews, and social media; provides detailed insights but can be open to interpretation.

Quantitative Data

Data expressed in numbers and measurements, often obtained from surveys and government publications; easier to process and present but less detailed than qualitative data.

Social Media in Market Research

Using social media platforms and blogs to gather information about customers, market trends, and brand perception.

Reliability of Market Research Data

Reliability depends on sample size, representativeness, and the quality of research methods; human behavior is unpredictable.

Purpose of Market Research

To identify and understand customer needs, to identify gaps in the market, to reduce risk, and to inform business decisions.

Market Research

Gathering, presenting, and analyzing information regarding the marketing and consumption of goods and services.

Primary Research (Field Research)

Collecting data that does not already exist; provides new, adaptable data but can be costly and time-consuming.

Questionnaire

List of written questions used to record views and opinions of respondents; can be postal, telephone, personal, or online.

Focus Groups or Consumer Panels

Detailed information gathered from a group discussion led by market researchers; cost-effective but may not be reliable due to small group size.

Observation

Researchers watch the behavior of customers, often in retail settings, to record their actions; provides no direct feedback.

Test Marketing

Selling a new product in a limited area to test sales levels before a wider launch; feedback is used to modify the product.

Secondary Research (Desk Research)

Collecting information that already exists, either internally or externally; quicker and easier but may be outdated or inaccurate.

Qualitative Data

Data about attitudes, beliefs, and intentions, often gathered through focus groups, interviews, and social media; provides detailed insights but can be open to interpretation.

Quantitative Data

Data expressed in numbers and measurements, often obtained from surveys and government publications; easier to process and present but less detailed than qualitative data.

Social Media in Market Research

Using social media platforms and blogs to gather information about customers, market trends, and brand perception.

Reliability of Market Research Data

Reliability depends on sample size, representativeness, and the quality of research methods; human behavior is unpredictable.

What is Market Research?

The systematic gathering, recording, and analysis of data about issues relating to marketing products and services

What is the Goal of Market Research?

To get a broader sense of the market; discover more about consumers to see if their product provides value to the consumer

Target Market

A group of people to whom a firm directs its marketing efforts and ultimately its merchandise

Niche Market

A small segment of a larger market; where customers share quite specific needs and wants

Market Size

Total sales in a defined market over a stated time period

Market Share

The percentage of a market (in terms of sales and/or volume) controlled by a particular company or product

What is Market Segmentation?

A way of identifying and analyzing a target market to create an effective marketing strategy