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IBBusinessDPBusiness ManagementHLFlashcards4. Marketing4.4 Market Research

4.4 Market Research (DP IB Business Management)

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  • What is market research?

    Market research is the objective collection, compilation and analysis of information about a market.

  • True or False?

    Market research helps reduce risk when launching new products.

    True.

    Market research helps reduce risk when launching new products.

  • What is a market niche?

    A market niche is a potential gap in the market which can be exploited to increase sales volume.

  • Define the term primary research.

    Primary research involves gathering information directly from consumers using field research methods such as surveys or interviews.

  • State two primary market research methods?

    Primary market research methods include:

    • Surveys

    • Observation

    • Interviews

    • Test marketing

    • Focus groups.

  • True or False?

    Surveys are the least widely used method of gathering primary research.

    False.

    Surveys are the most widely used method of gathering primary research.

  • In the context of market research, what is observation?

    Observation involves studying consumer behaviour in a store, or judging potential consumer traffic at a particular location.

  • What is test marketing?

    Test marketing is providing free samples for a limited period to the target market to gauge their response to the product.

  • Define the term secondary research.

    Secondary research involves the collection, compilation, and analysis of data that already exists.

  • State two sources of secondary market research.

    Sources of secondary market research include:

    • Government publications

    • Academic institutions

    • Industry associations

    • Financial reports

    • Online databases

    • Market research reports

    • Media sources

  • What are specialist market research reports?

    Specialist market research reports are in-depth reports on various industries, markets and consumer trends produced and sold by companies specialising in market research.

  • True or False?

    Secondary market research is usually more expensive than primary research.

    False.

    Secondary market research is often cheaper to collect than primary research.

  • True or False?

    Secondary market research is suitable for small businesses that lack large marketing budgets.

    True.

    Secondary market research is suitable for small businesses that lack large marketing budgets.

  • What is quantitative data?

    Quantitative data is based on numbers and could include financial reports, market data, or summaries of data gained from primary research.

  • What is qualitative data?

    Qualitative data gathers descriptions or explanations based on conversations, impressions, and emotional feelings and is usually gathered through primary research.

  • True or False?

    Market research should include a combination of quantitative and qualitative data.

    True.

    Ideally, market research should include a combination of quantitative and qualitative data.

  • True or False?

    Numerical data provides reasons for consumer behaviour.

    False.

    Numerical data may provide insights, but does not provide the reasons for consumer behaviour.

  • What is meant by the term sampling?

    Sampling involves getting opinions from a selected group of people in order to find out about the market as a whole.

  • State two sampling methods.

    The main sampling methods are:

    • Quota sampling

    • Random sampling

    • Convenience sampling.

  • True or False?

    A random sample may not be representative of the market as a whole.

    True.

    A random sample may not be representative of the market as a whole.

  • What is quota sampling?

    Quota sampling aims to obtain a representative sample by determining specific proportions of each group of the population upon which to carry out research.

  • True or False?

    Where researchers lack experience or expertise in market research, a quota sample is likely to provide a useful set of data that can be easily interpreted.

    False.

    Where researchers lack experience or expertise in market research, a convenience sample is likely to provide a useful set of data that can be easily interpreted.

  • What is random sampling?

    Random sampling is a method that makes sure every member of the population has an equal chance of selection.

  • What is convenience sampling?

    Convenience sampling is a method that uses those who are willing to volunteer and easiest to access in the study.

  • What is a research population?

    A research population refers to the group of people in whom the business has an interest when conducting market research.

Previous:4.3 Sales ForecastingNext:4.5 The Marketing Mix (7 P's)

    1. Topic 1

      1.1 What is a Business?

    2. Topic 2

      1.2 Types of Business Entities

    3. Topic 3

      1.3 Business Objectives

    4. Topic 4

      1.4 Stakeholders

    5. Topic 5

      1.5 Growth & Evolution

    6. Topic 6

      1.6 Multinational Companies (MNCs)

    1. Topic 1

      2.1 Introduction to Human Resource Management

    2. Topic 2

      2.2 Organisational Structure

    3. Topic 3

      2.3 Leadership & Management

    4. Topic 4

      2.4 Motivation & Demotivation

    5. Topic 5

      2.5 Organisational (Corporate) Culture

    6. Topic 6

      2.6 Communication

    7. Topic 7

      2.7 Industrial Relations

    1. Topic 1

      3.1 Introduction to Finance

    2. Topic 2

      3.2 Sources of Finance

    3. Topic 3

      3.3 Costs & Revenues

    4. Topic 4

      3.4 Final Accounts

    5. Topic 5

      3.5 Profitability & Liquidity Ratio Analysis

    6. Topic 6

      3.6 Efficiency Ratio Analysis

    7. Topic 7

      3.7 Cash Flow

    8. Topic 8

      3.8 Investment Appraisal

    9. Topic 9

      3.9 Budgets

    1. Topic 1

      4.1 Introduction to Marketing

    2. Topic 2

      4.2 Marketing Planning

    3. Topic 3

      4.3 Sales Forecasting

    4. Topic 4

      4.4 Market Research

    5. Topic 5

      4.5 The Marketing Mix (7 P's)

    6. Topic 6

      4.6 International Marketing

    1. Topic 1

      5.1 Introduction to Operations Management

    2. Topic 2

      5.2 Operations Methods

    3. Topic 3

      5.3 Lean Production & Quality Management

    4. Topic 4

      5.4 Location

    5. Topic 5

      5.5 Break-Even Analysis

    6. Topic 6

      5.6 Production Planning

    7. Topic 7

      5.7 Crisis Management & Contingency Planning

    8. Topic 8

      5.8 Research & Development (R&D)

    9. Topic 9

      5.9 Management Information Systems

    1. Topic 1

      6.1 The Business Management Toolkit