3.3.2

Question 1

Market research

Answer 1

Collection and analysis of data and information to inform a business of its market and consumers needs

Question 2

Primary market research

Answer 2

First hand, do it yourself eg surveys, focus groups

Question 3

Explanatory, predictive and exploratory

Answer 3

Why things happen
What’s going to happen
New product or location

Question 4

Advantages and disadvantages of primary market research

Answer 4

Advantages:
Can design questions tailored to own needs
Disadvantages:
Time consuming
Can be expensive

Question 5

Secondary market research

Answer 5

Already been undertaken and collected for another purpose eg newspapers, internet, gov data

Question 6

Advantages and disadvantages of secondary market research

Answer 6

Advantages:
Likely quick
Cheaper to access reeearch
Disadvantages:
Competition have access to same info
May be out of date or too broad or biased

Question 7

What does market research depend on

Answer 7

How much is done
Selection of people
How well it’s used
Response of rivals

Question 8

Qualitative data

Answer 8

Gathering on non statistical info that gives a company an in depth insight into the reasons for human behaviour

Question 9

Qualitative data advantages

Answer 9

Focus on why and how
In depth data

Question 10

Quantitative data

Answer 10

Gathering of statistical data to inform the company about people’s behaviour but does not identify the reasons eg sales figures

Question 11

Quantative data advantages

Answer 11

Easier to gather
Quicker to gather
Faster to analyse
Examine larger samples
Easier to make decisions from

Question 12

Quantative data disadvantages

Answer 12

Narrow and closed, doesn’t focus on why and how
Can’t understand in depth