1.2.2 Primary and secondary research Flashcards
Different types of Primary Research
-Focus Groups
-Surveys
-Testing
Different types of secondary Research
-Internet
-Market reports
Government Reports
What’s Qualitative data
-is usually expressed as opinions
-includes descriptive information
What’s Quantitative data
-is usually numerical data
-is usually presented in graphs
Pros of using Quantitative data
- Its very simple
- Data can be very reliable
Cons of using Quantitative data
- It Doesn’t allows a business too see exactly what customers think
-Lacks Specific Opinions
Pros Of Using Qualitative data
- Data Collection is usually Cost effective
- Provide more Detailed Information To explain complex issues
Cons Of Using Qualitative data
- Its very Time Consuming
- and Very Costly
Give 1 Disadvantage Of Using Market Research (3 Marker)
One Disadvantage Is That Customers Might Not Be Interested In That Product( P) This Is Because It Doesn’t Meet Their Needs or Wants (S) This Leads To Business Not Targeting That Specific Area (S)
Give 1 Advantage Of Using Market Research (3 Marker)
One advantage of market research is it helps identify gaps in the market (P) This is because the business can complete a market map to identify its competitors (S) This leads to the business providing a good or service no one else provides (S)
Whats a Pro Primary Research (3 Marker)
Primary research is directly focused on the business (P) This is because the business can decide on the questions they want to find the answers for (S) This leads to the business being able to make informed decisions (S)
What Is a Cons Of Primary Research (3 Marker)
Primary research may not be representative of the whole population (P) This is because the business is likely to ask only a small number of people in the local area (S) This leads to the business making decisions that may not meet the needs and wants of a large amount of customers (S)
Whats a Pro Of Secondary Research (3 Marker)
Secondary research is often free and easy to obtain (P) This is because it has been collected by someone else and can be accessed via methods such as the internet (S) This leads to the business being able to keep its marketing costs low (S)
What’s a Cons Secondary Research (3 Marker)
Secondary research isn’t directly focused on the business (P) This is because the information has been collected by other businesses for different reasons (S) This leads to the business often being unable to make informed decision based on the research(S)
What Is Quantitative data (3 Marker)
Quantitative data is numeric (P) This makes it easier to analyse the data (S) This can mean it is easy to make decisions based on this data (S)
What is Qualitive Data (3 Marker)
Qualitative data is mostly non-numeric (P) This makes it difficult to analyse the data (S) This can mean it is difficult to make decisions based on this data (S)
Explain How Social Media Helps Collect Market Research (6 Marker)
Social media helps businesses identify popular trends (P) This is because they can monitor products and services which are getting likes and shares (S) This leads to a deeper understanding of their target market (S) As a result the business can use the information to Improve their products and marketing (S) This will lead to improved sales volumes (S) leading to higher profit margins (S)
The importance of the reliability of market research data (5 Marker)
It is important that the market research is reliable so they can trust it when making business decisions (P) This is because making the wrong decision can lead to a business failing to meet customer expectations (S) This will lead to low levels of customer satisfaction (S) As a result this will create a negative reputation for the business (1) Current and potential customers may then decide to purchase their goods and services from competitors (S) This will lead to lower profit margins (S)
