market research

Question 1

what is market research

Answer 1

gathering, recording and analysing information about consumer preferences in order to make and informed decision about a potential market

Question 2

3 benefits to carring out market research

Answer 2

1.can find out information on customers needs and wants
2.can find out information about their competition
3.can find the best price to charge

Question 3

3 uses of market research

Answer 3

1.to identify what is happening in the market
2.to identify what is likely to happen in the future
3.to explain the causes of change in the market

Question 4

whats field research

Answer 4

involves gathering information directly from the marketplace

Question 5

3 methods of feild research

Answer 5

1.surveys= involves asking consumers questions about a product or service
2.focus groups = a group of customers brought togethor to discuss a particular good or service
3.observation=involves watching consumers in action

Question 6

1 advantage and disadvantage to focus groups

Answer 6

-efficiant way to gather opinions from a group of people
-some members may dominate the responces

Question 7

1 advantage and 1 disadvantage to obervations

Answer 7

-cheap method of market research
-time consuming

Question 8

what is desk research

Answer 8

involves looking at and analysing information that has already been recorded

Question 9

1 example of desk research

Answer 9

researcher can use the internet to check competitor products and prices online to find out information on market size and trends

Question 10

3 advantages to desk research

Answer 10

-easy to obtain
-quick to gather
-cheaper than feild

Question 11

2 disadvantages to desk research

Answer 11

-info may be outdated
-may have to read lots of info to find what you need