Marketing research Flashcards
What is marketing research
collection of data to obtain insight and knowledge about the wants and needs of customers.
Primary data?
research data collected first hand
Secondary data?
Existing research data that has been collected and analysed by someone else.
Quantitative research
research based on numerical data
Qualitative research
Research based on views/ opinions
benefits of primary research
directly focused to research objectives, kept private-not publicly available, more detailed insights.
benefits of secondary research
often free and easy to obtain, good source of market insights, quick to access and use
drawbacks of primary research
Time consuming and costly to obtain, risk of survey bias, sampling may not be representative.
drawbacks of secondary research
Can quickly become out of date, not tailored to business needs, specialist reports may be expensive
examples of primary research
focus groups, surveys, test marketing
Examples of secondary research
market research reports, media reports, google
What are some of the benefits of qualitative research
focused understanding of customer needs and wants, highlights issues,
drawbacks of qualitative research
expensive to collect and analyse, based on opinions (may not be representative)
benefits of Quantitative
data easy to analyse, provides insights to relevant trends, can be compared with other data.
drawbacks of quantitative
focuses on data(doesn’t explain why it happens)
