Flashcards on Marketing Fundamentals and Strategies
Marketing Fundamentals and Strategies: A Student Guide
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Market Research Methods
54 cards
Card 1
Question: What is primary research and when is it most effective?
Answer: Primary research is data collected firsthand to answer a specific business problem; it is most effective when used to gather information to help with
Card 2
Question: What is one advantage of primary research regarding data exclusivity?
Answer: Primary research data is not available to other businesses unless they undertake their own research.
Card 3
Question: List two possible limitations of primary research.
Answer: It can be expensive (e.g., interviewing many people) and it is not available immediately because it takes time to collect.
Card 4
Question: Name four common types of primary research methods.
Answer: Questionnaires, online surveys, interviews, and focus groups.
Card 5
Question: What are the main stages in the process of conducting primary research?
Answer: 1) Define the purpose; 2) Choose the research method; 3) Decide sample size and who to ask; 4) Carry out the research; 5) Collate and analyse the data
Card 6
Question: What questions should you ask when defining the purpose of market research?
Answer: What does it want to find out? What information is needed? What action will be taken as a result of the research?
Card 7
Question: What factors influence the choice of research method?
Answer: Whether more than one method is necessary, whether secondary research suffices or primary is needed, the cost, and the time required.
Card 8
Question: How should a business decide on sample size and respondent groups?
Answer: Choose a sample big enough for sufficient accuracy while keeping costs down; include different groups needed for the survey (e.g., different age or in
Card 9
Question: After collecting data, what should a business do next?
Answer: Put the information together, analyse the data to see what it shows, and produce a report summarising findings, conclusions, and recommendations for a
Card 10
Question: What is a questionnaire in the context of market research?
Answer: A questionnaire is a set of questions to be answered as a means of collecting data for market research.