1.2.2 Market Research Flashcards
What is market research?
Research carried out to identify the needs and wants of customers
Why do businesses do market research?
To identify and understand customer needs
To identify gaps in the market
To mitigate risks
To inform business decisions
What is primary data?
Data collected first-hand for a specific purpose by an entrepreneur
What is secondary data?
Data that already exists which has been collected for a different purpose
What are the primary research methods?
Online survey
Questionnaire
Focus group
Observation
What are the secondary research methods?
Government reports
Trade magezines
The Internet
What does quantitative data mean?
Any questions that are short,, single word, numbers, multiple choice. This is known as closed questions
What does qualitative data mean?
Any questions that are longer, opinion-ated or related to feeling from the customer. This is known as open-ended questions
What are the primary research advantages?
Relevant to your needs
Brand new information
Up to date
Tailered to the needs of the business
What are the primary research disadvantages?
Takes more time and is more expensive to carry out
Interview bias
What are the secondary research advantages?
It is quicker and cheaper
Available immediately
Free
Efficient for ideas
What are the secondary research disadvantages?
It doesn’t provide a unique selling point
Research could be unreliable or fake
Could have competitors looking at data
How is quantitative data collected?
Questionnaires
Surveys
How is qualitative data collected?
Interviews
Focus groups
