Miss Powell Class topics Market Research Flashcards
Define market research:
Gathers information about consumers, competitors and distributors within a firms target market.
Secondary Research is…..
collecting data that already exists
Methods of secondary research are:
internet, government data and trade press
Primary research is…
gathering information directly from people within your target market
Advantages of secondary research
Often doesn’t cost anything, good overview of market, based on actual sales figures
Disadvantages of secondary research
data outdated, not designed for your specific business and can be expensive when buying reports
Advantages of primary research:
questions can be more direct, updated information
Disadvantages of primary research:
expensive, data can be bias
Methods of primary research are:
observation, surveys, telephone interview
What is qualitative research?
In-depth research into the motivations behind the attitudes and buying habits of consumers
What is Quantitative research
pre set questions on a large sample of people to provide statistical data
what is a sample size?
interview enough people so that the finding is representative of the whole population
How can social media be utilised to generate market research?
because social media will provide a way to gain better understand of what customers like about the brand and product range
