3.3.3.2

Question 1

what are the 4 main purposes to market research?

Answer 1

• identifying and understanding the market they wish to enter through by reviewing: competitors, potential customer needs
• identifying any gaps in the market
• to reduce risk
• to inform business decisions

Question 2

what are the 2 types if market research?

Answer 2

• primary (field research)
• secondary (desk research)

Question 3

what does primary research mean?

Answer 3

new research that is carried out first hand, usually to answer a specific question

Question 4

what does secondary research mean?

Answer 4

using existing sources of info that have been previously researched, often by other people -> info can be sourced internally or externally

Question 5

what are types of primary research?

Answer 5

• questionnaires
• interviews
• surveys
• focus groups
• observation

Question 6

what are types of secondary research

Answer 6

• the government (external)
• loyalty cards (internal)
• past advertising campaigns (internal)
• competitors (external)
• trade publications associations (external)
• past sales figures (internal)
• the general media (external)
• social media stats (internal)
• commercial market research companies (external)

Question 7

what is quantitive data?

Answer 7

numerical data that can be measured

Question 8

what is qualitative data?

Answer 8

descriptive data that cannot be measured in numbers

Question 9

what are the pros of qualitative data?

Answer 9

• in depth reasoning
• more opinions received

Question 10

what are the cons of qualitative data?

Answer 10

• time consuming
• difficult to process
• potential bias from leading questions