1.2.2 market research

Question 1

Definition: 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

Market research: To identify and
understand customers

Answer 2

A business should use
market research to help
them identify what a
customer need is and how
to meet and exceed that
need

Question 3

Market research: To identify customer
needs

Answer 3

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

Question 4

Definition: Primary research

Answer 4

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

Question 5

What is a primary research?

Answer 5

Primary research is original data
gathered by the researcher

Question 6

Focus group

Answer 6

A focus group brings a group
of potential customers
together to talk about the
proposed new product or
service idea.

Question 7

Observation

Answer 7

A business may choose
to gather data from
observation of buyer
behaviour

Question 8

Definition: Secondary research

Answer 8

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

Question 9

Internet

Answer 9

There are billions of
websites on the Internet

Question 10

Quantitative (Quantity data)

Answer 10

Involves gathering data
and measuring
responses

Question 11

Qualitative (quality information)

Answer 11

Seeks to gather and
explore feelings and
thoughts about a product
from consumers

Question 12

The importance of the reliability of
market research data

Answer 12

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