market research Flashcards
1
Q
what is market research?
A
Market research is the activity of collecting and studying information about what people want, need and buy
2
Q
reasons why it is carried out?
A
To gather consumer opinions to find out if there is a need for the product (gap in the market) / To find out what competition there is from other manufacturers
3
Q
what are the advantages of market research?
A
It helps businesses to plan how to promote and advertise a product & Identifies competition from other manufacturers
4
Q
what are the disadvantages of market research?
A
Takes time to collect and process the data & costs money
