Business opertunities

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  • Created by: K.T.
  • Created on: 15-01-15 13:48
What is qualitative data?
Written information, often opinions
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What is quantitative data?
Numerical data, can be analysed easily
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How does market research add to competitive advantage?
Business knows what customers want and think, help find gaps in the market, can improve their products, helps calculate risk
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What is primary research?
Information collected by the group or business for thier own personal records
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Give examples of primart research
questionnaires, interviews, observations, sales records
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Advantages of questionnaires
Relevant and can be used on a large scale
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Disadvantages of questionnaires
Open to misinterpretation, easy to lie
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Advantages of interviews
Honest answers and reactions, more in depth answers
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Disadvantages of interviews
Can be costly, time consuming and resource consuming
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Advantages of observations
Can be carried out on large scales
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Disadvantages of observations
Time consuming
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Advantages of sales records
cheap and effective on large scales
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Disadvantages of sales records
Information may be irrelevant
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General advantages of primary research
Relevant, reliable, current and private
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General disadvantages of primary research
Epensive, resource consuming, possible biased
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define secondary research
Data collected by someone else
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General advantages of secondary research
Cheaper, quicker, easier, on a larger scale
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General disadvantages of secondary research
irrelevant information, out of dat, unreliable
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What is sampling?
Taking a portion of the population to survey instead of the whole populatoin
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What's random sampling?
Choosing respondents at randsom to get a wide range of views
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Advantages of random sampling
Wide range of views - avoids bias
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Disadvantages of random sampling
Risk of anomalies
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What's structural sampling?
Choosing respondents based on certain characteristics
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What's quota sampling?
Selecting respondents because of their similarities to the target demographic group
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What's cluster sampling?
Selecting respondents in specific ares
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Define market segmentation
Breaking up the larger markert into smaller groups due to special characteristics
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Why market segment?
to suit customers needs better, more opportunity for growth, more effective advertisement, gain higher share of the market
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How can you segment a market?
age, gender, income, social class, location
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Limiations of segmentation
Lack of information, difficult to predict consumer behaviour, hard to reach consumer segments once identified
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What's market mapping?
illustrating potential positions for a product in a market by comparing 2 factors within the market
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Advantages of market mapping
spots gaps in the market, allows analysis of competition, product placement
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Disagvantages of market mapping
Just because there's a gap doesn't mean there's a demand, no guarantee of success, not reliable
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What's test marketing?
The product or service is released into a limited area to see how it competes in the real market
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Advantages of test marketing
can see how the product stands in the market, brings in revenue, analyse competition, can see real profit levels, can test out best way to maket the products
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Other cards in this set

Card 2


What is quantitative data?


Numerical data, can be analysed easily

Card 3


How does market research add to competitive advantage?


Preview of the front of card 3

Card 4


What is primary research?


Preview of the front of card 4

Card 5


Give examples of primart research


Preview of the front of card 5
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