Effective Market Research Flashcards
1
Q
Market research
A
Collecting and analysing market data in order to provide goods and services that meet the customers needs in a particular market.
2
Q
The purpose of market research
A
- To identify and understand customers needs.
- To identify gaps in the market.
- To reduce risk
- To inform business decisions.
3
Q
Types of market research:
A
Primary
- Collecting research first-hand(do it yourself).
🙂You know it’s reliable, specific to you.
🙁Time consuming and can be expensive.
Secondary
- Using data collected by others.
🙂Easy to collect.
🙁Maybe unreliable, you don’t know how it was collected.
4
Q
How to collect data:
A
- Surveys
- Interviews
- Questionnaires
- Focus group
