Marketing Management Flashcards
what is primary research
data collected for a specific research purpose
what are examples of primary reseach
focus groups, interviews, mystery shoppers, trialing products
what is secondary research
data that already exists and which has been collected first hand for a different purpose
what are examples of secondary research
market reports, analytics, sales transactions
what are advantages of primary research
-directly focused on objectives
-more up to date
-more detailed insights
-qualitative
what are disadvantages of primary research
-risk of bias
-time consuming and costly to obtain
-samples might not represent whole population
what are advantages of secondary research
-free and easy to obtain
-good use of market insights
-quick to access and use
what are disadvantages of secondary research
-can be out of date
-not tailoured to specific research needs
-specialist reports are expensive
what are focus groups
-qualitative research
-group of people are asked questions on their opinions on the new product
what are advantages of quantitative research
-data easy to analyse
-numerical data provides insight into relevant trends
-can be compared with data from other sources
what are disadvantages of quantitative research
-focuses on data rather than why
-doesnt explain reasons behind numerical trends
-may lack reliability
