2.2 Market Research

Question 1

What is a Target Market?

Answer 1

The group of customers who a business aims to sell its products to.

Question 2

What is Primary Research?

Answer 2

Data collected first-hand (field research) - surveys, interviews, trialling, focus groups.

Question 3

What is Secondary Research?

Answer 3

Data collected by others (desk research) - newspapers, magazines, census, websites, internal data.

Question 4

What is Qualititive Data?

Answer 4

Data based on opinions of those being asked - written answers.

Question 5

What is Quantitive Data?

Answer 5

Data based on facts or numbers - can be made into a graph.

Question 6

What are some Pros of Primary Research?

Answer 6

Can target certain groups of people.
Questions can be explained and exact answers can be made.
Money can be saved by trialling before the product is made.
Data is accurate to the target market.

Question 7

What are some Cons of Primary Research?

Answer 7

Difficult to predict how many questionares will be sold.
Interviews can be expensive.
Trials can be costly.

Question 8

What are Pros of Secondary Research?

Answer 8

Cheap and already avaliable to use.

Question 9

What are some Cons of Secondary Research?

Answer 9

Not exactly what you need, it could be out of date.