Lesson 2 Flashcards
is the process of determining the viability of a new service or product through research conducted directly with potential customers.
Market research
allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
Market research
The research includes surveys, product testing, and focus groups.
Market Research
systematic process of collecting, recording and analyzing the information relevant to finding solutions to a problem in the field of marketing.
Market Research
is a critical tool in helping companies understand what consumers want
Market Research
market research consists of a combination of what information?
Primary information
Secondary Information
is the data that the company has collected directly or that has been collected by a person
Primary Information
two categories of primary information
exploratory research
specific research
is a less structured option and functions via more open-ended questions
Exploratory Research
data that an outside entity has already gathered.
Secondary Information
The development of market research
Face to face interviews
Phone Research
Online Market Research
Types of marketing research
descriptive research
predictive research
causal research
exploratory research
has very little knowledge about the topic of research and wants to gain insights into it before seeking solutions.
exploratory market research
requires checking the hypothesis to determine the exact answers to the research issue
Descriptive market research
conducted to establish the cause-and-effect relationship between the variables
Causal market research
