Market Research

Question 1

What is market research

Answer 1

Gathering recording and analysing information about consumer preferences for g+s in order to make informed decisions about a potential market

Question 2

2 benefits of market research

Answer 2

Information about consumers needs and wants
The best price to charge there customers

Question 3

2 uses of market research

Answer 3

Identify what’s happening in the market
Explain the cause of changes in the market

Question 4

Field research:

Answer 4

Father info directly from the market place it’s a primary research e.h focus groups

Question 5

Focus group

Answer 5

Group of consumers brought together to discuss a particular product or service

Question 6

Advantages of field research

Answer 6

Up to date information is gathered

Question 7

Disadvantages of field research

Answer 7

Time consuming and expensive

Question 8

Desk research?

Answer 8

Involves looking at and anyalysing information that has already been collected it is secondary research

Question 9

Advantages of desk research

Answer 9

Cheaper that field research and its quick to gather

Question 10

Disadvantages of desk research

Answer 10

Information may be out dated