Market Research

Question 1

Market Research Def

Answer 1

market research
→ the process of collecng valuable information to help you find out if there is a market for your proposed product or service

Question 2

field research (primary research)

Answer 2

field research (primary research):
involves collecting (gathering) new data that has not been collected before; instruments = conducting a survey, questionnaires, cold calls
+ very exact
- high costs, need much time

Question 3

desk research (secondary Research)

Answer 3

desk research (secondary research): 
involves collecting (gathering) existing data that has already been produced; researching the internet, newspapers and company reports, statistics, analysing data from institutes, benchmarking 
\+ cheap, don't have to go out  
- not exactly what we are searching for, not up-to-date

Question 4

qualitative Research

Answer 4

qualitative Research:
is used to gain an understanding of reasons, opinions, and motivations, feelings, attitudes about the product/service; methods: observing bahaviour, blind tastings, focus group,

Question 5

quantitative research

Answer 5

quantitative research:

is a research to find out numbers, statistics, figures