1.2.2 - Market research Flashcards
1
Q
What is the point in market research?
A
- To reduce risk
- To find out if it’s worth it
- To find out how other businesses succeed and failed
- To identify gaps in the market
- To inform business decisions
- To identify and under customer needs
2
Q
Primary research definition
A
Data collected first hand for a specific research purpose.
3
Q
Examples of primary research
A
- To visit competitors
- Experiments
- Focus groups ( testing a product )
- Surveys
4
Q
Name 3 advantages of primary research
A
- Keeps focuses on research objectives
- Kept private
- More detailed insights - particularly into customer views
5
Q
Name 3 disadvantages of primary research
A
- Time consuming
- Costly
- Risk of survey bias ( Human anomaly; bad moods etc )
- Sampling may not be representative ( only looking in one place or asking a few people )
6
Q
Secondary research definition
A
Data that already exists and which has been collected for a different purpose.
7
Q
Examples of secondary research
A
- Competitors websites
- Review sites
- Gov. websites
- News articles
8
Q
Name 3 advantages to secondary research
A
- Often free and easy to obtain
- Good source of market insights
- Quick access and use
9
Q
Name 3 disadvantages to secondary research
A
- Can quickly become out of date
- Not tailored to business needs
- Specialist reports are quite expensive
10
Q
Name 2 different types of data
A
Quantitative date
Qualitative data
11
Q
Quantitative data definition
A
Numerical data, collected through surveys.
12
Q
Qualitative data def
A
Based on opinions, attitudes and beliefs. Collected through focus groups and interviews.
13
Q
Social media benefits
A
- free
- quick and easy to setup
- 2 way feedback
14
Q
Social media drawbacks
A
- Inaccurate feedback ( lying, being ‘silly’ )
- Bias
- Out of date
