Studying a market in order to gather data/information, particularly on factors influencing demand for a product.
1 of 13
Secondary Market Research
Taking information from data that has already been collecting by others. e.g. Google, Government Departments, Trade Associations, Trade press & Magazines, Competitors Websites & Marketing Materials, AND Market Research Reports. (Quicker and easier)
2 of 13
Primary Market Research
Conducting NEW research into demand for a product. E.g. Observations, Online/Postal Surveys, Telephone Interviews, Focus Groups. (Up to date data, Obtain the info you want) [time consuming, expensive & difficult to obtain]
3 of 13
Commodity Products
Standard items where there is no differentiation between the output of alternative suppliers. (e.g. Minerals and basic foods- potatoes and similar foods are now frequently differentiated)
4 of 13
Quantitative Data
Concerned with data and addresses questions such as “how many”, “how often”, “who”, “when” and “where”. Based on larger samples & therefore more statistically valid. The main data methods of obtaining quantitative data are the various forms of survey
5 of 13
Qualitative Data
Based on opinions, attitudes beliefs & intentions. Answers question such as “why”, “would” or “how”. Aims to understand why customers behave in a certain way or how they may respond to a new product or service. (Focus groups and interviews)
6 of 13
Added Value
Businesses need to sell their products for more than the cost of its inputs. This requires consumers to be willing to pay a high enough price because of the value they place on the product or service that they are offered.
7 of 13
Added Value (cont)
the difference between the price of the finished product/service and the cost of the inputs involved in making it. added value is the increase in value that a business creates by undertaking the production process.
8 of 13
Market Segments
A subdivision of a market with distinctive characteristics, bigger than a niche.
9 of 13
Market Maping
Plotting the position of suppliers/brands against key characteristics of a product. (this helps to identifying gaps in the market)
10 of 13
Opportunity Cost
The best alternative given up a choice is made. (e.g. Choosing to go on a holiday might then cause you to give up ideas of getting a new car- the opportunity cost is getting a new car)
11 of 13
Trade-offs
Taking a setback in terms of one objective in order to prioritize another. e.g. Having a holiday and accepting that work will suffer in the short term.
12 of 13
Market Orientation
Businesses setting the wishes of customers and what they are willing to pay as the top priority to guide production and marketing decisions.
13 of 13
Other cards in this set
Card 2
Front
Taking information from data that has already been collecting by others. e.g. Google, Government Departments, Trade Associations, Trade press & Magazines, Competitors Websites & Marketing Materials, AND Market Research Reports. (Quicker and easier)
Back
Secondary Market Research
Card 3
Front
Conducting NEW research into demand for a product. E.g. Observations, Online/Postal Surveys, Telephone Interviews, Focus Groups. (Up to date data, Obtain the info you want) [time consuming, expensive & difficult to obtain]
Back
Card 4
Front
Standard items where there is no differentiation between the output of alternative suppliers. (e.g. Minerals and basic foods- potatoes and similar foods are now frequently differentiated)
Back
Card 5
Front
Concerned with data and addresses questions such as “how many”, “how often”, “who”, “when” and “where”. Based on larger samples & therefore more statistically valid. The main data methods of obtaining quantitative data are the various forms of survey
Comments
No comments have yet been made