2:1 Marketing & Market Research

Question 1

Explain the term marketing

Answer 1

Process responsible for identifying, anticipating and satisfying requirements profitably

Question 2

Explain the purpose of market research

Answer 2

In order to understand consumers opinions the business must collect information from them.

Question 3

Why perform market research?

Answer 3

• Ensures the company is providing products which consumers are likely to buy
• Enables them to price the product competitively
• Gives information about competitors
• Makes the business understand any changes in consumer tastes
• Prevents the business from making expensive mistakes

Question 4

What is primary research?

Answer 4

Field Research e.g. interviews, questionnaires, sampling

Collection of of original information through direct contact with consumers.

Question 5

Advantages of primary research?

Answer 5

Information gathered will be up to date

Information can be analysed easily

Questions can be designed to focus on a specific thing

Question 6

Disadvantages of primary research?

Answer 6

Can be slow

Specialist work meaning it often employs specialist researchers

Question 7

What is desk research

Answer 7

Secondary research e.g. Newspapers, internet, internal sources

Collection of information that already exists. Conducted using existing information.

Question 8

Advantages of desk research?

Answer 8

• Information is cheap to obtain
• Information is available immediately
• Information is from a reliable source

Question 8

Disadvantages of desk research?

Answer 8

• Information may be out-of-date
• Information is available to all other businesses in the market
• Data might’ve been collected for different reasons