Market research 3.2

Question 1

How is market research used in a business

Answer 1

See what customers like
If people will buy the product
What are other competitors offering
How much would customers pay for it

Question 2

What is primary research and what are the limitations

Answer 2

Collection of original information by directly contacting with potential or existing customers

Questions could be biased
Expensive and time consuming

Question 3

What is secondary research and what are the limitations

Answer 3

Information that has already been collected and is available for use

Information may be outdated
Harder to find information for specific needs

Question 4

What are the methods of primary research

Answer 4

Questionaire

interviews

Question 5

What is the need for sampling

Answer 5

Helps create a small unbiased population to be used

Question 6

What are the methods of secondary research

Answer 6

Reports
Statistics
Internet

Question 7

What are factors influencing accuracy of market research data

Answer 7

Some information may be outdated
Questions may be biased
Size of samples may be too small

Question 8

How can market research be presented