1.2.2 - Market Research

Question 1

Viable:

Answer 1

able to work properly or successfully

Question 2

Market Research:

Answer 2

the process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing

Question 3

Focus group:

Answer 3

a group of people who discuss their views on a product, service, advertisement or idea, either face-to-face or online

Question 4

Target Market:

Answer 4

a particular group of consumers at which a business aims its products and services

Question 5

Sample:

Answer 5

a portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population

Question 6

Generation Y:

Answer 6

(also known as Millennials) people born shortly before 21st century, usually defined as born between 1980 and 2000

Question 7

Data:

Answer 7

information, particularly statistics, that can be collected and analysed

Question 8

Biased:

Answer 8

unbalanced or inclined to agree with a particular judgement or idea rather than presenting the evidence fairly

Question 9

Ethics:

Answer 9

Ethics: moral principles or standards that guide the behaviour of a person or business

Question 10

Source:

Answer 10

Source: a place, person or thing, such as a boo or report, hat can provide information to be used in research

Question 11

Chamber of Commerce:

Answer 11

a local association that promotes the interests of businesses in a country or region

Question 12

Trade Association:

Answer 12

organisations founded and funded by businesses that operate in a specific industry

Question 13

Analysis:

Answer 13

the process of looking at data to identify patterns or trends

Question 14

Incentive:

Answer 14

Incentive: something such as a payment or gift that encourages someone to do something

Question 15

Valid:

Answer 15

Valid: having a solid or accurate basis of facts

Question 16

Why is Market research carried out? (4 reasons)

Answer 16

• To identify and understnad consumer needs
• To identify gaps in the market
• To reduce risk
• To inform business decisions.

Question 17

List Primary reserach examples

Answer 17

• Questionaires
• Online surveys
• Interviews
• Observations
• Focus groups
• Test marketing

Question 18

Secondary research:

Answer 18

Involves the collection and analysis of information that already exists.

Question 19

List Examples of Secondary Research

Answer 19

• Internet
• Government reports
• Market reports

Question 20

Quantitative research

Answer 20

• Involves using numerical and quanitifable data.