1.1 +2 Flashcards
What are ways to add value to a business?
- strong brand
- USP
- high quality
- good customer service
What are examples of secondary research?
- newspapers
- market reserach reports
- government info
What are insights gained by market research?
- market size
- competition
- customer wants/needs
- market segments
What is secondary research?
Data that already exists
What is primary research?
Data collected first hand
What are the benefits to primary research?
- more detailed
- kept private
- directly focused
What are the benefits to secondary research?
- often free
- easy to obtain
- quick
What are the drawbacks to secondary research?
- can become out of date
- not specifically tailored to the business
What are examples of primary market research?
- focus groups
- surveys/questionnaires
What are the drawbacks to primary research?
- time consuming
- expensive
- bias
What is quantitive data?
Data that is in numbers or can be put in a graph etc
What is qualitative data?
Data based on opinions + feelings
What are the benefits to quantitive research?
- easy to analyse
- can be compared
What are the drawbacks to quantitive research?
- does not explain the reasons behind trends
- limited insight
What are the benefits to qualitative research?
- important for new product releases
- understands customer needs + wants
- can highlight issues
