1.2.2 Market research Flashcards
what is Market research
Market research is where businesses try to find out what
customers want/need, and also look at what competitors
are doing/offering.
To identify and
understand customers
A business should use
market research to help
them identify what a
customer need is and how
to meet and exceed that
need
To identify gaps in
the market
A business will carry out
marketing research to
spot a gap in the market
or a potential business
opportunity
To reduce risk and
make informed business decisions
Market research helps to reduce
the amount a financial risk has
what is Primary research
Primary research is the gathering of new
information that is specific to the business
what is survey
Primary research may also
include a survey of
customers who use the
business
what is Focus group
A focus group brings a group
of potential customers
together to talk about the
proposed new product or
service idea.
what is Observation
A business may choose
to gather data from
observation of buyer
behaviour
what is Secondary research
In secondary research the information already
exists in some format, someone has already
collected the data
Internet
The researchers may get
ideas for new ways to
market the products by
looking at competitors
websites
what is Market reports
Mintel collects all the data and
does all the research so their
business does not have to,
they can just buy the
completed report
what are Government reports
Office of national statistics
(ONS)contains very useful
demographic information
and data on a range of
markets and industries
what is Quantitative (Quantity data)
Involves gathering data
and measuring
responses
what is Qualitative (quality information)
Seeks to gather and
explore feelings and
thoughts about a product
from consumers
