Market Research Flashcards
What is market research
Process of gathering, analysing and interpreting information about the market
What do business research on
Demand
How much competition there is and what type
Target market
A suitable price on summers are willing to pay
What features do the cus timers like/dislike the most
Qualitative data
Research on people opinions and views
Quantitative data
Collects factual information can be recorded down easily
primary market research
The collection of original data by talking to potential customers
Secondary research
The use of information that has already been collected and is available for the use by others
Examples of primary market research
Questionnaires
Focus groups
Interviews
Online surveys
Examples secondary market research
Research reports
Government
Newspapers article
Advantages of primary market research
Research is up to date and exactly what you need is as detailed as much as you want it to be
Disadvantages of primary market research
Time consuming
Often costly
Risk of survey bias
Advantages of secondary market research
Fast and low cost
Disadvantages of secondary market research
Provides broader results and is less detailed may not be up to date
Sample definition and examples
Sample - the group of people who are selected to take part in a market research exercise
Random sampling - people are selected at random often by a computer progam
Quota sampling - when people are selected based on characteristics such as age gender or income
What does it mean by market oriented business
An organisation which carries out market research to find out the consumer wants before the product is formed
