Marker Research AS Unit 2

Question 1

What does market research mean

Answer 1

The collection, coalition and analysis of data relating to the marketing and consumption of goods and services.

Question 2

What are the reasons for market research 1

Answer 2

• identify opportunities to provide consumers with their product and service in order to meet consumers need to increase market share.
• enhance communications between the business and potential consumers allowing the business to better understand consumers perspectives in relation to product provision
• identify gaps in the market for the product the business provides and understand the competitive environment

Question 3

What are the reasons for market research 2

Answer 3

• assess the effectiveness of current products provided to consumers so reducing the potential for complaints
• minimise the risks to the business through a better understanding of product service specifications that meet consumers needs allowing them to minimise the costs to the business and providing a degree of certainty for future demand
• establish benchmarks to assist the measurement of current business performance and product development opportunities

Question 4

What is primary research

Answer 4

This is information the business collects from original sources eg; surveys

Question 5

What is secondary research

Answer 5

Data that another organisation has already collected and analysed for research purpose eg; newspapers

Question 6

What are questionnaires

Answer 6

These are designed to enable the business to collect answers to questions