3.2 Understanding Markets + Customers

Question 1

What are the 6 roles of market research

Answer 1

• competitor analysis
  -identifying trends in the market
  -pricing strategies
• meeting consumer needs
  -ideas for new product development
  -customer feedback

Question 2

Pros of primary market research

Answer 2

Specific to business
Reliable
Exclusive

Question 3

Cons of primary market research

Answer 3

Time consuming
Expensive

Question 4

Examples of primary research

Answer 4

Surveys , questionnaires , observations , focus groups , test marketing

Question 5

Pros of secondary market research

Answer 5

Free or cheap
Quick and easy

Question 6

Cons of secondary market research

Answer 6

Nor specific to business
Outfits be invalid or out of date
Not exclusive

Question 7

Examples of secondary market research

Answer 7

Reports by industry publications , newspapers , internet , government , market research reports