Market research Flashcards
1
Q
What is the purpose of market research
A
To reduce risk
Find gaps in the market
To understand customer needs
Inform business decisions
2
Q
What is the difference between primary and second research
A
PRIMARY Social media Surveys Focus groups Observations Experiments SECONDARY sales data Local newspaper Sites Government reports
3
Q
One advantage of primary research
A
More accurate
4
Q
One disadvantage of primary research
A
Time consuming
5
Q
One advantage of secondary research
A
Less time consuming
6
Q
One disadvantage of secondary research
A
It could not be specific
7
Q
4 methods of primary research
A
Social media
Focus groups
Surveys
Questionnaires
8
Q
3 methods of secondary research
A
Market reports
Sites
Local newspapers
9
Q
What is the difference between qualitative data and quantitative data
A
1: people opinions
2: number and facts
