BM Market Research Formative

Flashcard #1
Term: What is Market Research?
Definition: Market Research is the process of gathering, analyzing, and interpreting information about a market, including the target audience, customers, competitors, and the industry as a whole.

Flashcard #2
Term: What is the Purpose of Market Research?
Definition: The Purpose of Market Research is to help businesses understand market trends, customer preferences, and the competitive landscape, enabling informed decisions.

Flashcard #3
Term: What is the Importance of Market Research?
Definition: The Importance of Market Research lies in its ability to reduce risk, improve customer satisfaction, and inform decision-making.

Flashcard #4
Term: What is Primary Market Research?
Definition: Primary Market Research involves gathering new, first-hand data directly from consumers or potential customers.

Flashcard #5
Term: What are Examples of Primary Market Research Methods?
Definition: Examples of Primary Market Research Methods include Surveys, Focus Groups, and Interviews.

Flashcard #6
Term: What are the Advantages of Primary Research?
Definition: The Advantages of Primary Research are specific and relevant data as well as control over data collection.

Flashcard #7
Term: What are the Disadvantages of Primary Research?
Definition: The Disadvantages of Primary Research include being time-consuming, costly, and potentially leading to less reliable results due to small sample sizes.

Flashcard #8
Term: What is Secondary Market Research?
Definition: Secondary Market Research involves analyzing existing data that has already been collected and published by others.

Flashcard #9
Term: What are Examples of Secondary Research Sources?
Definition: Examples of Secondary Research Sources include Government Reports, Industry Reports, and Academic Journals.

Flashcard #10
Term: What are the Advantages of Secondary Research?
Definition: The Advantages of Secondary Research are being cost-effective, time-saving, and offering a broader view of industry trends.

Flashcard #11
Term: What are the Disadvantages of Secondary Research?
Definition: The Disadvantages of Secondary Research are that it may not be specific to business needs, may contain outdated information, and potentially lacks depth.

Flashcard #12
Term: What is the Importance of Market Research for New Product Launches?
Definition: The Importance of Market Research for New Product Launches is to help understand demand, identify market gaps, and reduce risk of poor market fit.

Flashcard #13
Term: What are the Risks of Skipping Market Research?
Definition: The Risks of Skipping Market Research include poor product-market fit, higher costs, and lost opportunities.

Flashcard #14
Term: What is Random Sampling?
Definition: Random Sampling is a method where every individual in the population has an equal chance of being selected for the research sample.

Flashcard #15
Term: What are the Advantages of Random Sampling?
Definition: The Advantages of Random Sampling include reduced bias and ensuring representative samples.

Flashcard #16
Term: What are the Disadvantages of Random Sampling?
Definition: The Disadvantages of Random Sampling involve being time-consuming and potentially expensive.

Flashcard #17
Term: What is Convenience Sampling?
Definition: Convenience Sampling is the method of choosing the easiest or most convenient group of people to survey.

Flashcard #18
Term: What are the Advantages of Convenience Sampling?
Definition: The Advantages of Convenience Sampling include being fast and cheap to implement.

Flashcard #19
Term: What are the Disadvantages of Convenience Sampling?
Definition: The Disadvantages of Convenience Sampling are that it may result in a biased sample and be unreliable for generalizing findings.

Flashcard #20
Term: What is the Purpose of Interviews in Market Research?
Definition: The Purpose of Interviews in Market Research is to gather in-depth, qualitative insights from individuals.

Flashcard #21
Term: What are the Benefits of Interviews?
Definition: The Benefits of Interviews are that they provide detailed understanding and allow for follow-up questions.

Flashcard #22
Term: What is the Purpose of Surveys?
Definition: The Purpose of Surveys is to collect quantitative data from a large sample.

Flashcard #23
Term: What are the Benefits of Surveys?
Definition: The Benefits of Surveys include providing easily quantifiable data for analysis.

Flashcard #24
Term: What is the Purpose of Focus Groups?
Definition: The Purpose of Focus Groups is to collect qualitative insights from a small group discussing a product or idea.

Flashcard #25
Term: What are the Benefits of Focus Groups?
Definition: The Benefits of Focus Groups are that they explore a wide range of opinions and emotional responses.

Flashcard #26
Term: What are the Limitations of Primary Market Research?
Definition: The Limitations of Primary Market Research include cost, time constraints, lack of expertise, sampling issues, and data overload.

Flashcard #27
Term: What are the Challenges for Small Businesses in Market Research?
Definition: The Challenges for Small Businesses in Market Research include costly methods, time constraints, and limited access to representative samples.