market research. Flashcards
Explain the term market research.
Market research is gathering, recording and analysing information about consumer preferences for a good or service in order to make informed decisions about a potential market.e.g customer observation
Explian the two types of market research.
Primary research/Field Research - gathering new data yourself.
Secondary Research/Desk research - using existing data.
Explain three types of primary research a business like Ponaire might
conduct.
Interviews and focus groups.
Surveys and questionnaires.
Observational studies.
Explain two reasons/uses of market research for a business like The
Workshop Gym Newport
highlight performance or knowledge gaps and areas for potential growth.
And to see what other competitors they might be against
