4.4 - Market Research Overview

This set of flashcards covers key concepts related to market research, including methods, advantages, disadvantages, and sampling techniques.

What is market research?

Market research refers to marketing activities designed to discover the opinions, beliefs, and preferences of potential and existing customers.

What are the primary market research methods?

Surveys, interviews, focus groups, and observations.

What is the main purpose of qualitative research?

The main purpose is to understand the behaviours, attitudes, and perceptions of customers or respondents.

What is the main purpose of quantitative research?

The main purpose is to obtain factual and measurable information.

What are some advantages of primary research?

Relevant data tailored to the firm’s needs, up-to-date information, and confidentiality.

What are some disadvantages of primary research?

Time-consuming, costly, and potential validity issues if questions are poorly designed.

What distinguishes secondary market research from primary market research?

Secondary research involves collecting existing data gathered by others, while primary research involves gathering new data.

Name three advantages of secondary research.

Data is readily available, faster to collect, and can provide meaningful insights into industry trends.

What is quota sampling?

Quota sampling is selecting a certain number of people from different market segments.

What is random sampling?

Random sampling gives everyone in the population an equal chance of being selected for the sample.

What are focus groups used for in market research?

Focus groups are used to gain insights into the opinions, attitudes, and behaviors of respondents.

What are some drawbacks of secondary research?

Data might be obsolete, not tailored to specific needs, and widely available to competitors.

How does convenience sampling work in market research?

Convenience sampling uses subjects that are easy to reach for data collection.

What are some common types of surveys?

Self-completed surveys, personal surveys, telephone surveys, online surveys, and postal surveys.

What is the difference between qualitative and quantitative data?

Qualitative data involves non-numerical answers, while quantitative data involves measurable information.