1.3.5 Understanding The Consumer Flashcards
1
Q
Why is primary research useful
A
Helps firms see how effective a website is or how much consumers are willing to pay for a new product
2
Q
How is qualitative data useful
A
Could provide consumers satisfaction & help a firm focus on products that consumers want
3
Q
What is market research
A
The collection of data in order to learn about the needs & wants of consumers
4
Q
What is market segmentation
A
When a market is divided into groups of similar consumers, such as by needs or characteristics
