Marketing

Question 1

What is primary research?

Answer 1

Data collected first-hand for a specific research purpose

Question 2

What is secondary research?

Answer 2

Data that already exists and which has been collected for a different purpose

Question 3

What are the benefits of primary research?

Answer 3

-directly focused to research objectives
-not publicly available
-more detailed insights

Question 4

What are the drawbacks to primary research?

Answer 4

-time consuming and costly to obtain
-risk of survey bias
-Sampling may not be representative

Question 5

What are the benefits of secondary research?

Answer 5

-often free and easy to obtain
-good source of market insights
- quick to access and use

Question 6

What are some drawbacks of secondary research?

Answer 6

-Can quickly become out of date
-not tailored to business needs
-specialist reposts often quite expensive

Question 7

Examples of primary data:

Answer 7

-focus groups
-interviews
-surveys
-questionnaires
-observations
-experiments

Question 8

Examples of secondary data:

Answer 8

Google
Government departments
Trade associations
Trade press & magazines
Market research reports

Question 9

What is quantitive data?

Answer 9

Concerned with data
More statistically valid

Question 10

What is qualitative data?

Answer 10

Based on opinions/ attitudes and beliefs
Aims to understand customer behaviour