Chapter seventeen : Market research

Question 1

Define Market research

Answer 1

his is the process of collecting,
recording and analyzing data about customers,competitors and the market.

Question 2

What are the needs for market research?

Answer 2

1.

Question 3

what are the Advantages of secondry research

Answer 3

■ often obtainable very cheaply – apart from the purchase of market intelligence reports.
■ identifies the nature of the market and assists with the planning of primary research
■ obtainable quickly without the need to devise complicated data-gathering methods
■ allows comparison of data from dif erent sources

Question 4

what are the needs of market research

Answer 4

1.To reduce the risks associated with new product launches.
2. To predict future demand changes
3. To explain patterns in sales of existing products and market trends
4. To assess the most favored designs, flavors, styles, promotions and packages for a product

Question 5

What is the market research process

Answer 5

1. Management problem identification
   2.Research objectives
   3.Sources of data − primary and secondary research

Question 6

What is primary research?

Answer 6

the collection of first-hand data that
is directly related to a firm’s needs.

Question 7

What is secondary research?

Answer 7

collection of data from secondhand sources.

Question 8

What are the sources of secondary data?

Answer 8

1. Government publications
2. Local libraries and local government offices.
   3.Trade organisations
   4.Market intelligence reports
   5.Newspaper reports and specialist publications
3. Internal company records
   7.The Internet

Question 9

What are the methods of Qualitative research?

Question 10

What is qualitative research?

Answer 10

research into the in-depth
motivations behind consumer buying behavior or opinions.

Question 11

What is quantitative research?: research that leads to numerical
results that can be statistically analysed.