Market Research Flashcards
What is market research?
Market research is an organized effort to gather information about target markets and customers.
Give 4 reasons(purpose) of market research
- To identify and understand customer needs.
- To identify gaps in the market
- To reduce risk
- To inform business decisions
What is the different between primary & secondary research?
Give 1 advantage of primary research
The information collected is up-to-data and relevant, enabling accurate trends to be revealed.
Give 1 disadvantage of primary research
- It can be expensive
- Time consuming
- Take a long time to complete if it involves face-to-face contract with customers.
Give 1 advantage of secondary research
Fast and cheaper to obtain
Give 1 disadvantage of secondary research
The researcher may have difficulty obtaining information specific to his or her needs
Give 4 methods of primary research
- Survey
- Questionnaire
- Focus Group
- Observation
Give 3 methods of secondary research
Internet, Market reports, Government reports.
What is the difference between Qualitative and quantitative data?
Give 2 methods or collect qualitative data
Give 2 methods or collect quantitative data
What is the meaning of bias?
Give 3 ways Social Media can be used to collect data.
Give 1 reason why reliability is important in collecting data?
