Market Research Flashcards
What is Market Research
Market research is the act of gathering information for a product and to help a business get an idea of a customers needs and wants
What are the types of market research ?
Primary - Done yourself and gathered straight from the customer to source
Secondary - You gather research through other people’s, information
What are some of the methods used for both ( Primary & Secondary)
Primary : surveys , focus groups or questionnaires - can be rigged and can biased and not many people do them
Secondary : reports, statistics, studies, government agencies - can easily be fake and easily not real
What is the difference between qualitative information and quantitive information?
Qualitative: Is information not in number form
Quantitive: Is information that is in number form and can be put into table
How do businesses choose samples and why are they important?
As they test out new foods or products and see what reactions they get and see if they should mass produce the product and keep it sales and wait for it to grow. And where to place he samplings such as London or Manchester
What are the different types of questions on a survey?
- What you want
- How much for
- How long
What type of research can be done with a limited budget?
You can do surveys or you can easily do secondary research as you can go to the library and research for no money and easily.
