7115 · 3.2
Market research flashcards
Revision flashcards for Cambridge 7115 Market research (syllabus 3.2). Flip, recall, then mark a real past-paper question.
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Main purpose of market research?
Reduce risk by providing data for marketing decisions — who to target, what to offer, how to promote.
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Research before product launch?
Test concept appeal, price sensitivity, packaging — avoid costly failure.
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Research for existing products?
Track brand awareness, customer satisfaction, market share trends.
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Link to 3.1.6 segmentation?
Research identifies segment sizes, needs, and responsiveness.
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Cost-benefit of research?
Research costs money/time but cheaper than launching wrong product or wrong price.
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Research vs market intelligence?
Research is planned data collection; intelligence includes ongoing competitor/market monitoring.
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What is the primary purpose of market research in relation to business risk?
To reduce the risk of business decisions (e.g., new product development, market entry) by replacing intuition with data-driven insights, thereby minimising potential financial and reputational losses.
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How does market research support the development of the marketing mix?
It provides data on consumer needs and preferences, which informs decisions on Product (features, design), Price (what customers are willing to pay), Place (where customers shop), and Promotion (which media they consume).
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Define 'Market Orientation'.
An outward-looking business approach that bases product and marketing decisions on consumer needs and wants, which are identified through market research.
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Explain the 'forecasting' purpose of market research.
It involves analysing data to predict future trends, such as changes in consumer demand, competitor actions, or technological shifts, allowing a business to plan proactively.
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Why is market research used *after* a marketing campaign has been launched?
To assess its effectiveness by measuring key metrics like changes in brand awareness, customer attitudes, and sales figures. This evaluates the return on investment and informs future campaigns.