Market Research Flashcards
What is Market Research?
It is the process of collecting and analysing data about the market, who operates within the market and the customers within the market.
What is primary research (field research) and the advantages and disadvantages?
It means obtaining new information: e.g. survey, focus group or observation
Advantages: up to date, relevant and specific to your products
Disadvantages: Expensive, time consuming, needs large sample size to be accurate
What is secondary research (desk research) and the advantages and disadvantages?
It means using existing information: e.g. data about the whole market or about competitors. (Internet, newspapers, magazines, office of national statistics)
Advantages: Cheaper, easily found, instantly available
Disadvantages: Not always relevant, not specifically about your products, often out of date
What is marketing mix?
The elements of a business’s marketing that are designed to meet the needs of its customers. The four elements are often called the 4P’s – Product, Price, Promotion and Place.
