5.3 The Purpose & Methods of Market Research

Question 1

Market research

Answer 1

Process of gathering, analysing and processing data relevant to marketing decisions.

Question 2

Market segment

Answer 2

Group of buyers with similar needs within the overall market.

Question 3

Primary market research

Answer 3

Uses data gathered for the first time. This literally means you spent time and resources to do independent research.

Question 4

Secondary market research

Answer 4

Uses data that has been gathered already. This means you either collect data from easy to access places at low cost, or buy it from other companies.

Question 5

Qualitative market research

Answer 5

Data that is very detailed and informative, often gives companies an edge in marketing due to how much relevant information you’re being given.

Question 6

Quantitative market research.

Answer 6

Not as detailed market research. It is unlikely to give you an edge over other companies, however, it may provide you with a better understanding of the performance of your products. This allows for a much more efficient investment into your product portfolio.