Market research Flashcards
What does market research do
Gains better understanding of target market and identifies market opportunities
Quantitive information
Deals with numbers
Data can be measured
Qualitative information
Deals with descriptions and feelings
Data cannot be measured
Primary/Field research
Collecting new data yourseld
Secondary/Desk research
gathering existing data
Methods of Market Research
Surveys
Telephone
Internet research
Interviews
Benefits of primary research
Data collected is unique
Data collected is reliable
Drawbacks of Primary Market Research
Time consuming
Could be costky
Benefits of Secondary Market Research
Less time-consuming
Information can be found online
Less costly
Drawbacks of Secondary market research
Data is unreliable
Data could have changed overtime so it could not be up to date
Market growth =
change in market size
——————————- x 100
original market size
