Market Research Flashcards

1
Q

Market research

A

Is the process of systematically collecting, recording and analysing information concerning a specific marketing problem.

Three step approach:

  1. Determining information needs
  2. Collecting data from primary secondary sources.
  3. Analysing and interpreting data.
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2
Q

Market research- primary data

A

Primary data- information gathered first hand by he business.

  1. Conducting surveys- gathers data by asking questions or interviewing people.
  2. Observation- recording behaviours of customers. Example undercover
  3. Experimentation- altering factors under tightly controlled conditions to evaluate cause and effect.
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3
Q

Market research- secondary data

A

Refers to information that some other person or organisation has already collected. For example, census data gathered by government organisations. Two types of secondary data include:

-Internal data
Information that is collected from inside the business. Such data include financial statistics and customer feedback.

-external data
Refers to published data from outside the business. Such as reports produced by the Australian Bureau of statistics (ABS).

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4
Q

Purpose of market research

A

It helps a business owner identify the target market, understand existing customers, set realistic targets, develop effective strategies and identify business opportunities.

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