Knowing the Market

Question 1

How can USP help the business?

Answer 1

USP can help with knowing the market the business is operating in

Question 2

What does Situation Analysis involve in?

Answer 2

• market research
• use of SWOT analysis to know the business
• competitive environment

Question 3

Market Research

Answer 3

The role of market research is to gather as much data and relevant information as possible about aspects of the market to create decision-making.

Question 4

What is Primary Data?

Answer 4

Primary data is new data collected from original sources. I

Question 5

What are elements of Primary Data?

Answer 5

• observation
• survey
• Experiment

Question 6

Observation

Answer 6

Observation involves collecting data by observing people’s actions in specific situations.

Question 7

Surveys

Answer 7

Interactive technique involves asking questions to gather data about consumer attitudes, preferences and buying behaviour or current product satisfaction

Question 8

Experiment

Answer 8

Market research experimentation is looking to determine cause and effect or using research to test how people react

Question 9

Secondary Data

Answer 9

Secondary data already exists as it has been collected by other people or organisations.

Question 10

Internal Data

Answer 10

Internal data is sourced from within the business itself.

Question 11

External Data

Answer 11

External data comes from sources outside the business