Conductong Start Up Market Research Flashcards
0
Q
Reasons for market research?
A
Descriptive reasons
Explanatory reasons
Exploratory reasons
Predictive reasons
1
Q
Types of market research
A
- collecting data (primary/secondary)
- content of data (qualitative/quantitative)
2
Q
Advantages of primary market research
A
- current info on market
- wide range of info
- gives opinions and views of public
- looks at customer behaviour
3
Q
Disadvantages of primary market research
A
- expensive, e.g. Travel or printing
- time consuming
- bias results
- low response rates
4
Q
Advantages of secondary market research
A
- info already available
- cheaper than primary research
- surveys conducted regularly, trends over time.
5
Q
Disadvantages of secondary market research
A
- out of date
- also available to competitors
- collected by other firms for their own use.
6
Q
Advantages of qualitative market research
A
Helps a firm understand customers thinking.
Can give firm new ideas
7
Q
Disadvantages of qualitative market research
A
Expensive
Small scale, biased.
Difficult to collate
8
Q
Advantages of quantitative research
A
Summarise data concisely
Easier to compare
helps identify change and trends
9
Q
Problems of quantitative market research
A
Only shows what rather than why
Lacks reliability
