1.2.2 market research Flashcards
Definition: Market research
Market research is where businesses try to find out what
customers want/need, and also look at what competitors
are doing/offering.
Market research: 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
Market research: To identify customer
needs
What is the name of the
company?
What information do they
need from the customers?
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
Definition: Primary research
Primary research is the gathering of new
information that is specific to the business
What is a primary research?
Primary research is original data
gathered by the researcher
survey
Primary research may also
include a survey of
customers who use the
business
Questionnaire
A good questionnaire needs
a mix of open and closed
questions:
Focus group
A focus group brings a group
of potential customers
together to talk about the
proposed new product or
service idea.
Observation
A business may choose
to gather data from
observation of buyer
behaviour
Definition: Secondary research
In secondary research the information already
exists in some format, someone has already
collected the data
Internet
It’s a great place for a
market research to find
information about the
competition
Market reports
Mintel has a global team of
trend analysts constantly
assessing change in culture,
economy and society and
writing industry reports about
it
Government reports
Office of national statistics
(ONS)contains very useful
demographic information
and data on a range of
markets and industries e.g.
construction,
manufacturing, production
