What are the advantages of primary market research?

1. Focused on the needs of the business. 2. Allows for in-depth information gathering. 3. Up-to-date and relevant to business decisions.

What are the disadvantages of primary market research?

1. Sample size may be too small and unrepresentative. 2. Potential for bias in responses. 3. Can be expensive and time-consuming.

What is secondary market research?

The collection, compilation, and analysis of data that already exists.

What are some sources of secondary market research?

Government publications, academic institutions, industry associations, specialist market research reports, financial reports, online databases, and media sources.

What are the advantages of secondary market research?

1. Information is already available, saving time. 2. Often free or cheaper to collect.

What are the disadvantages of secondary market research?

1. Information may lack relevance or accuracy. 2. Can be out-of-date.

What is the importance of sampling in market research?

Sampling allows researchers to gather data from a small representative sample of the market, making it more practical and cost-effective.

What is quota sampling?

A method where specific proportions of each group of the population are selected to participate in research.

What is random sampling?

A method that ensures every member of the population has an equal chance of being selected.

What is convenience sampling?

A method that uses those who are willing to volunteer and are easiest to access for the study.

What is the role of data presentation in market research?

To convert gathered data into a form that is easy to understand and supports business decision-making.

What are common methods of presenting market research data?

Tally charts, bar charts, pie graphs, and scatter graphs.

What is quantitative data?

Statistical numeric data that can be used to support decision-making.

What is qualitative data?

Data that involves opinions, insights, feelings, and preferences, often requiring skill to interpret.

How can businesses use market research data?

To forecast sales, identify trends, and make decisions about product development, promotional planning, and pricing tactics.

What is the significance of analyzing market research data?

It helps businesses make informed decisions and reduces risk.

What factors affect the reliability of market research data?

1. How questions are phrased. 2. Sample selection and size. 3. Researcher's experience and potential bias.

What is the impact of social media on primary market research?

Social media provides businesses with quick and low-cost opportunities to gather primary research data.

What is the purpose of presenting market research data visually?

To make the data easier to understand and interpret.

What is the role of financial reports in market research?

They provide valuable information about a company's performance, market position, and future plans.

What is the relationship between market research and marketing strategy?

Market research informs and updates marketing strategies in line with changing customer needs and preferences.

What is the importance of understanding market niches?

Identifying market niches allows businesses to exploit gaps and increase sales.

What is the significance of a business's brand image in market orientation?

A valued brand image leads to increased demand and profits.

What is the significance of using questionnaires in primary research?

They help organize research questions and responses effectively.

What is the impact of bias in market research?

Bias can lead to unreliable results and misinterpretation of data.

What is the role of online databases in secondary market research?

They provide access to a wide range of secondary market research data.

What is the role of test marketing in market research?

It gauges customer response to a product before its formal launch.

What is the significance of using graphs and charts in data presentation?

They make data visually appealing and easier to understand.

What is the importance of understanding the limitations of market research?

It helps businesses avoid over-reliance on potentially flawed data.

What is the role of qualitative research in market research?

It provides insights into consumer opinions and preferences.

What is the role of customer satisfaction in market orientation?

Customer-focused businesses aim to enhance satisfaction and build strong relationships.

What is the significance of understanding competitors in market research?

It helps businesses gauge their strengths and weaknesses relative to rivals.

What is the role of market research in product development?

It helps identify customer needs and preferences, guiding product design.

What is the impact of customer feedback on product changes?

Feedback can lead to improvements and innovations in products.

What is the importance of understanding market trends in business strategy?

It helps businesses anticipate changes and adapt their strategies accordingly.

What is the significance of understanding consumer preferences in product design?

It ensures that products meet customer expectations and increase satisfaction.

What is the impact of cultural factors on market research?

Cultural factors can influence consumer behavior and preferences.

What is the importance of ethical considerations in market research?

Ethical considerations ensure that research is conducted responsibly and respects consumer rights.

What is the importance of continuous learning in market research?

Continuous learning helps businesses adapt to changing market conditions and consumer needs.

What is the role of market research in risk management?

It helps businesses identify potential risks and make informed decisions to mitigate them.

What is the significance of collaboration in market research?

Collaboration can enhance the quality and depth of research findings.

What is the impact of globalization on market research?

Globalization has expanded the scope of market research to include international markets.

What is the importance of understanding legal regulations in market research?

Understanding legal regulations ensures compliance and protects consumer rights.

What is the role of market research in customer segmentation?

It helps businesses identify distinct groups within the market for targeted marketing.

3.2 Marketing Research Flashcards

Student preview

69 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is market research?

Back

The objective collection, compilation, and analysis of information about a market.

2.

FLASHCARD QUESTION

Front

What are the benefits of effective market research?

Back

1. Reduces risk when launching new products or entering new markets. 2. Identifies future needs and wants of customers. 3. Understands consumer behavior. 4. Identifies how much consumers are prepared to pay. 5. Identifies potential market gaps. 6. Identifies competitors and gauges their strengths and weaknesses.

3.

FLASHCARD QUESTION

Front

What is market orientation?

Back

An approach to marketing that focuses on the needs of consumers and uses this information to design products that meet customer needs.

4.

FLASHCARD QUESTION

Front

What is primary market research?

Back

The process of gathering information directly from consumers in the target market.

5.

FLASHCARD QUESTION

Front

What are common methods of primary market research?

Back

Surveys, interviews, focus groups, and observation.

6.

FLASHCARD QUESTION

Front

What is the purpose of market testing?

Back

To assess customer reaction to a product or service before it is launched.

7.

FLASHCARD QUESTION

Front

What is a focus group?

Back

A small group discussion led by a marketing specialist to collect detailed feedback on all aspects of the marketing mix.

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

50 questions

Earth and its Habitat

Flashcard

•

8th Grade

48 questions

science exam notes 2-4, zonation and habitat

Flashcard

•

9th Grade

49 questions

03_ObliCon

Flashcard

•

12th Grade

50 questions

Flashcard 1 - 50

Flashcard

•

7th Grade

45 questions

Legal Terminology Flashcards

Flashcard

•

12th Grade

63 questions

Friends Global 10 - Unit 1 Feelings and Grammar

Flashcard

•

10th Grade

75 questions

Wildlife Conservation Vocabulary

Flashcard

•

9th - 12th Grade

54 questions

Luyện thi TOEIC và Ngữ pháp Tiếng Anh

Flashcard

•

8th Grade

Popular Resources on Wayground

10 questions

Forest Self-Management

Lesson

•

1st - 5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

30 questions

Thanksgiving Trivia

Quiz

•

9th - 12th Grade

30 questions

Thanksgiving Trivia

Quiz

•

6th Grade

11 questions

Would You Rather - Thanksgiving

Lesson

•

KG - 12th Grade

48 questions

The Eagle Way

Quiz

•

6th Grade

10 questions

Identifying equations

Quiz

•

KG - University

10 questions

Thanksgiving

Lesson

•

5th - 7th Grade

Discover more resources for Business

12 questions

Guess the Mission Statement

Quiz

•

9th - 12th Grade

15 questions

Black Friday/Cyber Monday

Quiz

•

9th Grade - University