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define market research
the process of gathering, interpreting and analyzing information about the market
define product-oriented business
a business whose main focus of activity is the product itself
define market-oriented business
a business who carries out market research to find out customer wants before producing or developing the product
define primary research
collection and collation of original firsthand data via direct contact with potential or existing customers
define secondary market research
uses info that has already been collected and is available to others
benefits of primary market research
up to date and relevant
first hand data
isn’t available to other businesses
useful when targeting a specific problem
limitations of primary market research
expensive
takes time to collect
methods of primary research
postal questionnaires
online surveys
interviews
focus groups
advantages of postal questionnaires
detailed qualitative info about info about product
customer’s opinions can be known
can be done online
to ensure answers, coupons can be issued along with it.
disadvantages of postal questionnaires
bad questions = false answers which can be misleading
carrying it out takes time+money
collating and analyzing is time consuming
advantages of online surveys
fast/quick response time
cheaper than interviews and questionnaires
data can be analyzed quickly wd IT tools
easy to fill out for participant
disadvantages of online surveys
cannot reach participants without internet
no interviewer to ask explain questions so not detailed/accurate info
fraud as answers can be careless/random to gain incentives
advantages of interviews
interviewer can explain unclear questions
detailed info can be gathered
disadvantages of interviews
conscious/unconscious interviewer bias
time consuming and expensive
advantages of focus groups
detailed info about consumer taste and preferences
reasons for opinions can be discovered
quicker and cheaper than individual interviews
disadvantages of focus groups
time consuming and expensive if done by specialist agencies
biased due to people being influenced by other’s opinions
only a couple of people may dominate
define sample
a group of people who have been selected to respond in a market research exercise
what is the need for sampling
too time consuming and expensive to include all relevant population
define random sampling
when people are selected at random as a source of info for market research
define quota sampling
when a group of people are selected based on certain characteristics like age, gender etc to act as a source of info for market research
advantages of secondary research
cheaper than primary
quicker to collect than primary
helps assess total size of market
newspapers have vital economic forecasts
disadvantages of secondary research
can be outdated
available to all business
may not be relevant to business’s specific needs
what are the internal sources for secondary research
finance department
customer service department
previous sales reports, customer records, pricing data etc
what are the external sources for secondary research
gov statistics
newspapers
trade associations
online sources
market research agency
factors influencing accuracy of market research data
how carefully the sample was drawn up
what method (secondary/primary) sec not as accurate
how the questions were worded
any biases present
age of info
size and relevance of sample