1.1.2 - market research

Question 1

two types of market research

Answer 1

primary + secondary

Question 2

primary research

Answer 2

first time reseach tailored to your business

Question 3

eg of primary research

Answer 3

surveys and questionnaire

Question 4

secondary research

Answer 4

research that was already done before

Question 5

eg market research

Answer 5

market data

Question 6

pro/con of secondary research

Answer 6

quicker- already available
not tailored to your industry
may be out of date

Question 7

how is market research done

Answer 7

open and closed questions which provide qualitative and quantitative data

Question 8

quantitative

Answer 8

numbers data
- easy to group

Question 9

qualitative

Answer 9

opinion data
-harder to group

Question 10

marget segmentation

Answer 10

splitting consumers into demographics or intrests

Question 11

eg . demographics

Answer 11

age, gender, race,
basketball, football

Question 12

product orientation

Answer 12

designing a product then finding a market for it

Question 13

market orientation

Answer 13

creating a product based on the needs of the market