2.2 Market Research Flashcards
Define market research
The collection of data on customer habits to help decision-making in marketing. It collects information on whether or not the product or service will be bought.
Define target market
The group of customers to whom a business aims to sell its products. The target market may be other businesses as well as consumers.
Define primary research
Data collected first-hand. Sometimes referred to as field research.
Define secondary research
The collection of data using research or information provided by others, such as magazines, journals and the internet. Often called desk research.
List three primary research methods.
Questionnaire
Interview
Trials
Focus group
List three secondary research methods
Census data Internal data Websites Newspapers Magazines
What is qualitative data?
Data based on opinions or those being asked.
What is quantitative data?
Data collected that is based on facts or numbers. It is usually easier to analyses than qualitative data.
What is a target market?
The people a business aims to sell its product or service to.
Why is market research important?
So that a business is clear on whether there is a demand for their product or service. There is no use making a product if no-one wants it.
List three advantages of primary research.
Up to date.
Tailored to your needs.
Can ask people within the target market.
List three disadvantages of primary research.
Expensive
Time consuming
Could be biased
Is the sample big enough to be representative?
List three advantages of secondary research.
Cheaper than primary.
A wide range of information available.
Quick to collect.
List three disadvantages of secondary research.
May not be exactly what you are looking for.
May not be up to date.
Difficult to analyse as there is so much to look through in various formats.
