Market Research Flashcards
1
Q
What is market research?
A
Where a business finds information before entering a new market to find competitors and a price to charge as examples
2
Q
What are the the two types of market research?
A
Primary
Secondary
3
Q
How can we gather market research? (Methods)
A
Questionnaires Surveys Interviews Internet Library Newspaper
4
Q
Benefits of market research?
A
A business knows what they are going into Can identify any competitors Get a idea of consumers needs and wants Can help minimise risk Can spot emerging trends Could help the business plan
