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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Market Research |
Collecting, recording, analysing data about the customers, competitors and the market. |
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Need for market research |
Reduce risks of new product launches Predict future demand changes Patterns in sales Most favoured aspects of products |
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Primary research |
Collection of original data from people within a target market For own needs |
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Secondary Research |
Collection of data from secondary sources Other people for other uses - Market Intelligence Reports |
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Cost effective surveys |
Online marketing Cell phone method |
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Methods of primary research |
Qualitative research Quantitative research |
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Qualitative research |
In-depth motivations Focus groups -A group asked about their attitude towards a product |
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Drawbacks of focus groups |
Time wasting Unrelated issues Difficult to analyse data Biased researchers |
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Quantitative research |
Consumer surveys Observation and recording Test marketing |
T.O.C |
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Test Marketing |
Produce limited quantity before full scale launch Promoting and selling In limited geographical areas Recording consumer reactions Sales figures |
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Consumer surveys |
Asking current and potential customers For opinions and preferences Both qualitative and quantitative |
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David Ogilvy, advertising pioneer and founder of Ogilvy Group |
Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals. |
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Bob Cook, Firefish Innovation and Inspiration |
Primary research materials are often uncut gems of great value and beauty in their own right. |
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Jeff Swearingen, Frito-Lay |
Sometimes, a great shopper insight is more valuable than a great product |
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