Market Research

Question 1

What is primary market research?

Answer 1

Primary research is original data gathered by the researcher, the information doesn’t yet exist so it couldn’t be found on the internet, a website,in a magazine or anywhere else

Question 2

What is secondary market research

Answer 2

Secondary research is also called desk research, the information already exists in some format someone has already collected.

Question 3

Quantitative research

Answer 3

Involves gathering data and measuring responses, Data displayed in charts. Graphs, as statistics and percentages

Question 4

Qualitative research

Answer 4

Seeks to gather and explore feeling and to thoughts about a product from consumers

Question 5

What is the purpose of market research?

Answer 5

To identify customer needs, to identify gaps in the market, to reduce risk, to make informed business decisions

Question 6

State 4 Primary Market Research methods?

Answer 6

Survey, Questionnaire , Focus group, Observation

Question 7

State 4 Secondary Research Methods?

Answer 7

Internet (looking at competitors websites), Market reports, Government Reports