Conducting start-up market research & Understanding Markets

These flash cards are about market reserch 

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What is Market Research?
Information that helps explain the size, structure and nature of a market.
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What is Primary Market Research?
Data that is collected by entrepreneur or paid to be collected, which does not already exist.
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What is Secondary Market Research?
Data that already exists and that is not already been collected specifically for the purposes of the entrepreneur
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What is Qualitative Research?
Based on opinions, attitudes, beliefs, intentions : asks questions such as "why", "would you" "how"?
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What is Quantitative Research?
Based on proper samples and provides insights based on numerical data: asks questions such as "how many", "how often" and "where"?
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What are the Sampling Methods?
Random, Quota and Stratified
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What are Factors affecting choice of sampling methods?
Available finance, the nature of the product, the level of risk, the target market.
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What are the Primary Research Methods?
Observation, Face-to-Face, Telephone survey, Focus groups, Test Marketing, Written questionnaires
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Market Size - Calculation
measured in both value (revenue) and volume (quantities)
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Market Share - Calculation
Proportion (or %) of a market owned by each competitor or product
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Market Growth - Calculation
The percentage growth in size of a market over a period
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Demand
How much customers are prepared and willing to buy at a given price
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What are the factors affecting demand?
Price, Incomes, Tastes & fashion, competitor actions
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What is a Market?
A market is any location where buyers and sellers come together to transact with each other
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Local Markets
Customers are short distanced
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National Markets
where customers are spread throughout the country or over a large geographical area
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Physical Markets
Buyers and sellers meet in the same physical location (e.g. car boot sales or local markets)
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Electronic Markets
Any connection between buyer and seller using electonic means
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Market Segmentation
When the Market is broken down into smaller sections with similar characteristics
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Other cards in this set

Card 2

Front

What is Primary Market Research?

Back

Data that is collected by entrepreneur or paid to be collected, which does not already exist.

Card 3

Front

What is Secondary Market Research?

Back

Preview of the front of card 3

Card 4

Front

What is Qualitative Research?

Back

Preview of the front of card 4

Card 5

Front

What is Quantitative Research?

Back

Preview of the front of card 5
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