1.2.2

Question 1

Market research

Answer 1

Market research is where businesses try to find out what
customers want/need, and also look at what competitors
are doing/offering.

Question 2

To identify gaps in
the market

Answer 2

A business will carry out
marketing research to
spot a gap in the market
or a potential business
opportunity

Question 3

Primary research

Answer 3

Primary research is the gathering of new
information that is specific to the business

Question 4

What is a primary research?

Answer 4

Primary research is original data
gathered by the researcher.
The information does not yet
exist, so it could not be found
on the Internet, a website, in a
magazine or anywhere else

Question 5

Secondary research

Answer 5

In secondary research the information already
exists in some format, someone has already
collected the data

Question 6

3 main secondary research
methods

Answer 6

1) Internet
2) Market reports
3) Government reports

Question 7

Quantitative (Quantity data)

Answer 7

Involves gathering data
and measuring
responses.
Data displayed in
charts, graphs, or as
statistics and
percentages

Question 8

Qualitative (quality information)

Answer 8

Seeks to gather and
explore feelings and
thoughts about a product
from consumers. Information gathered by;
Focus group discussions,
Interview with consumers
on what they “think”
about the product or
service,
Observations of buyer
behaviour (e.g. only family
groups bought the orange
squash in a supermarket).

Question 9

The importance of the reliability of
market research data

Answer 9

A business may hire a
market research company
to carry out the survey