Market research

Question 1

what is market research?

Answer 1

-collecting data of the marketplace, activities of competitors
-to make the best decisions on production and marketing

Question 2

what information does it gather?

Answer 2

-discover needs of customers
-understand structure of the market
-assess effectiveness of marketing
-gain consumer response

Question 3

what is primary research?

Answer 3

-field research
-gain evidence first hand
-specific to the business

Question 4

what is secondary research?

Answer 4

-results are previously collected
- not specific to the business but it is adapted for its use
- easily accessible

Question 5

what is qualitative data?

Answer 5

• gain opinions and views
  -gain what customers require

Question 6

what is quantitative data?

Answer 6

• gather facts
  -number based
• can be measured

Question 7

what is random sampling?

Answer 7

• every member of the population has an equal chance of being selected

Question 8

what is quota sampling?

Answer 8

-population is segmented into groups which share the same characteristics

Question 9

analyse sample size?

Answer 9

-a large sample size is expensive but gathers accurate results
- small is cheaper but less accurate results

Question 10

what is bias?

Answer 10

data weighed to one side

Question 11

what is the usefulness of market research to different stakeholders?

Answer 11

customers- views are being heard and that they’re needs are being met
shareholders- lose shares, as market research is costly
competitors- gains completive advantage for the business