market research Flashcards
what is market research
gathering and analyzing data about goods, services, and markets for marketing purposes
what does untapped mean in business
a market that is available but not yet exploited
what are the purposes of market research
identifying and understanding consumer needs, identifying market gaps, informing business decisions
what are consumer panels
groups of consumers providing feedback over a period of time
what are focus groups
discussions attended by market researchers and a group of people
how does market research help identify gaps in the market
it finds unsaturated areas where businesses can innovate to gain a competitive edge
why is identifying consumer needs important
it helps businesses meet expectations and predict needs and wants
how does market research reduce risk
it helps businesses understand the market, consumers, and rivals to prevent failure
how does market research inform business decisions
it provides data to guide decision-making
what are the methods of primary research
questionnaires, focus groups or consumer panels, observations, test marketing
what are the advantages of primary research
original and accurate data, not available to competitors
what are the drawbacks of primary research
expensive,
time-consuming
what are the methods of secondary research
business websites, internal data, competitors, media
government and commercial publications
what are the advantages of secondary research
inaccurate or outdated data
what is qualitative data
intentions, attitudes, and beliefs of consumers, recorded in words or video clips
