2.1 Market Research Flashcards
Give the definition of Market Research
The collection and analysis of market information and this helps to reduce the risks of mistakes (overproduction)
Why is Market Research conducted?
It helps spot business opportunities
It helps them work out what to do next
It helps to see if their plans are working
Give 2 Market Research Methods
Primary Research
Secondary Research
What is Primary Research?
First Hand Data specific to the business
What is Secondary Research?
Existing Data collected by other people
What are the methods of Primary Research?
Observation Questionnaires Focus Groups Sampling Internet Research Surveys
What is the advantage and disadvantage of Primary Research?
Advantage:
Always up to date
Disadvantage:
Slow and Expensive
What are the sources used in Secondary Research?
Internal Sources
External Sources
Give examples of Internal Sources in Secondary Research
Feedback from company salesman
Analysis of company sales reports
Financial Accounts
Stock Records
Give examples of External Resources in Secondary Research
Social Trends
Marketing Agency
Reports
Trade Magazines
What is the advantage and disadvantage of Secondary Research?
Advantage:
Easier, Faster and Cheaper than Primary data
Disadvantage:
Information might contain errors and could be out of date
What is the difference between Quantitative and Qualitative Research?
Quantitative:
Produces Numeral Statistics from research
Qualitative:
Research that looks into feelings and motivations of consumers
