07.3 market research

Question 1

What is Market Research

Answer 1

• Process of collecting, recording and analysing information concerning a specific marketing problem

Question 2

Three Steps of the Market Research

Answer 2

• Determining Information Needs
• Primary and Secondary Data
• Data Analysis

Question 3

Three Steps of the Market Research Process: DETERMINING INFORMATION NEEDS

Answer 3

• Information is relevant to issue or business target market

Question 4

Three Steps of the Market Research Process: DATA COLLECTION - PRIMARY AND SECONDARY SOURCES

Answer 4

• Primary Data: Facts collected from original sources
• Secondary Data: Facts collected by another organisation
  1. Survey Method
  2. Observation Method
  3. Experiment Method

Question 5

Secondary Data

Answer 5

• Information that already been collected by another organisation
• Internal Data: Information collected inside the business
• External Data: Information collected outside the business

Question 6

Three Steps of the Market Research Process: DATA ANALYSIS

Answer 6

• Analysing mean, patterns, deviations
• Displaying in table format, venn diagrams, graphs