Market Research

Question 1

What is market research?

Answer 1

Market research is an act of collecting information about the consumer in the market place..

Question 2

What is a market place

Answer 2

This is a place where transactions are carried out. In here you find your target-market.

Question 3

Descirbe the target market

Answer 3

Also known as the consumer, directly affects various aspect of the product/service such as price demand, supply force

Question 4

What is marketing

Answer 4

This is a set of activities related to creating, communicating, delivering and exchange offerings that have value to the customer.

Question 5

What is the function of marketing

Answer 5

To bring value to the customer

Question 6

What is the purpose of market research

Answer 6

Better understanding of consumer needs
Help manage risk
It help to forecast trends

Question 7

Classifications of market research

Answer 7

Primary research - quantitative(num based) , qualitative( content based)
Secondary research

Question 8

List out the research process

Answer 8

Define the decision problem or opportunity.
Specify research objectives
Develop a research design
Design data collection method
Implement it
Analyze data
Write a final research report

Question 9

Examples of quantitative and qualitative research

Answer 9

Quantitative: Questionnaires, surveys, experimental research

Qualitative: Interviews, focus groups, case study research, grounded theory

Question 10

When should market research be done

Answer 10

When alternative actions are available
When there’s uncertainty about which action to take.
When it is possible to collect information.
When the cost of research is less than the added benefit.