Share IB BM 4.1 - 4.4
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Identify two roles / purposes of market research.
Gives businesses up-to-date info, Helps firms tailor their market mixes for target segments, Assesses customer reactions to products, understand rivals etc.
Identify THREE primary market research methods.
Surveys, Interviews, Focus groups, Observations
Identify FOUR secondary market research methods:
Market analyses, Academic journals, Government publications, Media articles, Online content
Explain TWO advantages of secondary market research.
Readily available, wide range of sources, industry trends, large samples sizes (statistically significant),
Explain TWO disadvantages of primary market research
time consuming, costly, validity is questionable if poorly designed
Outline ONE advantage and ONE disadvantage of focus groups as a market research method.
Detailed questions asked to gather insights in group setting vs. majority view / costly etc.
Outline ONE advantage and ONE disadvantage of online content as a market research method.
easy to access, cheap vs. not trustworthy, not tailored
Identify the three sampling methods available to firms when conducting market research.
Quota sampling, random sample, convenience sampling
Explain ONE advantage and ONE disadvantage of quota sampling.
Findings are more reliable than random sampling vs. not always representative depending on numbers chosen for each category
Explain TWO disadvantages of qualitative research.
Small samples --> not representative, very time consuming, requires good interviewer
Explain TWO disadvantages of conducting interviews as a market research method.
Time consuming, huge scope for interviewer bias.
Explain ONE advantage and ONE disadvantage of quota sampling.
Availability and quickness of data collection vs. Inadvertent exclusion of a large proportion of the population, thus presenting highly skewed findings
(HL) Explain TWO benefits of sales forecasting
drive strategic planning in a business, plan for the future, improve operational efficiency etc.
(HL) Explain TWO limitations of sales forecasting
past data not indicative of future, limited use for some firms (e.g. new firms / fashion brands), ignores qualitative data
What are the final 3 P's that comprise the 7 P's of marketing? Explain ONE of them in the context of a service.
People, process, physical evidence.
What is ONE benefit and ONE limitation of operating in the mass market?
economies of scale, large market size / customers vs. Intense competition, large amounts of spending on advertising
