6C : market research (not fin )

Question 1

what is market research ?

Answer 1

Market research is the process of collecting and analyzing information about a product
or service.

Question 2

why do companies do market research ?

Answer 2

• to check if customer loyalty is being maintained
• when entering a new market with a new product

Question 3

why is market research important ?

Answer 3

• market research reduces risk
• helps businesses make decision weather or to launch a new product

Question 4

what does market research help decide ?

Answer 4

• do consumers want the product ?

*what price is the customer ready to pay

*what design features will be appealing

Question 5

why is market research valuable ?

Answer 5

• better communication between businesses and customers
• helps identify opportunities and the amount of competition

Question 6

mention the issues involved in selecting the most appropriate method of research

Answer 6

• accuracy : using primary research can lead to more reliable and less biased results than secondary market research
• time : may need to complete market research quickly before competitors
• cost : primary market research is usually more expensive than secondary