Market Research Flashcards
What is primary research ?
Research that is done by you
What are examples of primary research ?
Questionnaires
Telephone surveys
Why is primary research useful ?
You find new information
And gain customer views on your products
Advantages of primary research ?
Provides up to date, relevant and specific data of your products
Disadvantages of primary research ?
Expensive
Time consuming
Needs a large sample size to be accurate
What is secondary research ?
research published by other businesses
Why can secondary research be useful ?
Gives access to a wide range of data
Whole market
Can analyse past trends
What are examples of secondary research ?
Market research reports
Government publications
Newspapers
Magazines
Internet
What are advantages of secondary research ?
Cheaper
Easy to find
Instantly available
What are disadvantages of secondary research ?
Not always relevant
Not specific
Out of date
What is quantitive data ?
Anything you can measure
What is qualitative data ?
All about peoples feelings and opinions
What are the 2 categories sales can be split into ?
Product trial
Repeat purchase
What is product trial ?
Buying a product for the first time to try it out
What is a repeat purchase ?
When a customer comes back after a purchase to buy the product again and again
