Explain what is meant by market research?
a systematic, objective collection and analysis of data about a particular target market
What is the purpose of market research?
- describe the market
- explain the market
- predict changes
- investigate future consumers
Distinguish between primary and secondary research?
Primary = carried out by the business first hand
Secondary = already done by someone else
What are primary (field) research techniques?
- interviews
- surveys/questionnaires
- observation
- consumer panels
- focus groups
- trial marketing
What are the overall advantages of primary research?
- directly focused to research business objectives = fit for purpose
- up-to-date
- more detailed insights into customer needs
What are the overall disadvantages of primary research?
- time-consuming
- expensive
- only available for larger businesses
What are the INTERNAL secondary market research techniques?
- sales data
- previous surveys
- customer info
- company reports
What are the EXTERNAL secondary market research techniques?
- market research companies
- internet
- trade publications
- newspapers/magazines
- competitors
- gov statistics (census data)
What are the overall advantages of secondary research?
- cheap and easy to obtain
- good source of marketing insights
- quick to access and use
What are the overall disadvantages of secondary research?
- quickly out-of-date
- not tailored to research needs
- specialist reports = expensive
Explain what is meant by sampling?
Getting opinions from a number of people in order to find out about the whole group
What are the 6 types of sampling?
- simple random
- systematic
- quota
- stratified
- convenience
- cluster
What are the advantages and disadvantages of simple random sampling?
+ everyone has an equal chance of being chosen
- sample might not be representative of sub-groups
What is systematic sampling?
every ‘nth’ individual from the list is selected from a randomly selected starting point
What are the advantages and disadvantages of systematic sampling?
+ useful is people are on a spreadsheet
- not equal chances
- arrangement of elements on the list could compromise representativeness
What is Quota sampling?
Splitting the population into subgroups according to their distribution in the population and the interviewer than chooses people
What are the advantages and disadvantages of quota sampling?
+ accounts for sub-groups
- selection bias
What is stratified sampling?
population is divided into subgroups or samples and a random sample is conducted within each group
What are the advantages and disadvantages of stratified sampling?
+ accurate results for entire population and no bias
- time-consuming process
What is convenience sampling?
using people who come to hand easily/first
What are the advantages and disadvantages of convenience sampling?
+ quick and easy
- bias
- unrepresentative
what is cluster sampling?
randomly selecting subgroups of the population
What are the advantages and disadvantages of cluster sampling?
+ easy when no list is available
+ equivalent results to simple
- sample may not be representative of population
What are the reasons for non-sampling errors?
- responder gives an answer they think will please interviewee
- respondent is in a hurry, first answer that comes to mind
- deliberate false answers could be given e.g. voting
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Introduction to business - Enterprise25
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Introduction to business - business sectors16
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Introduction to business - type of business18
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Introduction to business - franchises and franchisees10
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Introduction to business - business size and growth23
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Introduction to business - external growth7
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business objectives and strategies - different stakeholder and business objectives20
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business objectives and strategies - strategy and implementation6
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external influences - the market, market size and growth24
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external influences - supply and demand49
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external influences - physical and non-physical markets6
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external influences - competition6
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External influences - Market dominance18
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STEEPLE - economic factors92
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STEEPLE - social factors5
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STEEPLE - Legal factors44
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STEEPLE - ethical factors5
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STEEPLE - environmental factor14
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STEEPLE - Political factors8
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STEEPLE - Technological factors5
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external influences - the European Union10
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the marketing strategy - price7
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Operations management within a business environment - Operations management objectives7
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the production process - methods of production19
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the production process - Innovation, research and development12
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the production process - project management19
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productive efficiency - economies and diseconomies of scale15
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productive efficiency - productivity9
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productive efficiency - stock control24
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types of lean production35
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productive quality (fit for purpose) - internal quality standards8
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productive quality (fit for purpose) - external quality standards7
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productive quality - location and logistics26
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Business objectives and strategy - decision trees4
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business objectives and strategy - forecasting13
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business objectives and strategy - mission statement2
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business objectives and strategy - Corporate social responsibility (CSR)1
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business objectives and strategy - business plans10
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business objectives and strategy - risk and uncertainty3
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business objectives and strategies - SWOT analysis4
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business objectives and strategy - contingency planning and crisis management10
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Business objectives and strategy - Ansoff's matrix11
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Business objectives and strategy - Decision Making11
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business objectives and strategy - Models of strategic choice21
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Accounting and finance within a business environment - sources of finance18
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The workforce - recruitment25
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The workforce - selection21
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The workforce - training18
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Management accounting - Break Even Analysis10
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management accounting - investment appraisal13
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Human resource management within a business environment - organisation42
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Change - Causes and effect of change6
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financial accounting - statement of financial position26
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management accounting - working capital5
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financial accounting - income statements5
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financial accounting - ratio analysis38
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the workforce - Appraisal and workforce performance15
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management - leadership15
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management - functions of management4
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The Workforce - Workforce Planning22
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the workforce - redundancy and dismissal12
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management - motivation38
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The marketing strategy - Promotion16
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The marketing strategy - Product8
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The marketing strategy - Price16
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Management - Employee/Employer Relations9
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Human resource management within a business environment - Human resource management objectives3
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External Influences - Global Context13
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External Influences - International trade and free trade3
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Customer Needs - Identifying customer needs7
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The Marketing Strategy - Place11
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The Marketing Strategy - Service Marketing7
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Marketing within a business environment - Marketing Objectives5
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Marketing within a business environment - Marketing resources13
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Customer Needs - Identifying customer needs34
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Customer needs - Anticipating consumer needs19
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Customer needs - customers and consumers3
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HR management - Communication22
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Accounting and Finance - Accounting Concepts12
