Market Research - Unit 3

Question 1

What is market research?

Answer 1

Gathering information about customers, competitions and market trends by collecting primary and secondary data. It helps businesses make decisions.

Question 2

What are the 3 stages in market research?

Answer 2

1. Planning and designing the research
2. Doing the research
3. Analysing the information

Question 3

When you’re reading about market research in a case study, ask yourself these 4 questions:

Answer 3

• Was the right type of data used?
• How accurate is the research likely to be?
• Is the market research representative of the target market?
• Is there any important information that the market research does not tell us?