Market Research Flashcards
1
Q
What does a company use MARKET RESEARCH?
A
A company uses MARKET RESEARCH to:
- See if there is a DEMAND for its products
- to get a BETTER INSIGHT in their customers - what their preferences are
2
Q
Methods of market research can be:
A
Market research can be:
- QUALITATIVE - opinions of consumers (might use FOCUS GROUP) - can be time consuming to analyse these type of data
- QUANTITIVE - numerical data/statistics - quick to analyse data but customers do have the opportunity to say what they think - will be y/n questions
3
Q
A
Market Share is the whole market - eg on pie chart 360
market segment is the part a company has - eg if have a quarter of the market share will be
