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.
Why do businesses carry out market research
To find out what customers want/need
What is a gap in the market
It is a potential business opportunity that no one has made before
How do businesses reduce the financial risk
It gives the business owner solid information on which to base a decision
What is primary research
Primary research is original data gathered by the researcher
What is one of the 4 main primary research method
Questionnaires
What is secondary research
secondary research is information already exists in some format, someone has already collected the data
What is one of the three main secondary research methods
The intrnet
What is quantitative data
Data displayed in charts, graphs, or as statistics and percentages
What is qualitative data
It is to gathering and exploring feelings and thoughts about a product from consumers
What is the importance of market research
So they can find out what customers want
