Primary and Secondary Market Reserach

Question 1

What is market research?

Answer 1

this is the process of collecting,
recording and analysing data about customers,
competitors and the market

Question 2

Why is market research done?

Answer 2

Reduce risks with new product launches
Predict future demand changes
Identify and explain patterns
Asses the most preferred type of product

Question 3

What is primary research?W

Answer 3

the collection of first-hand data that

is directly related to a firm’s needs

Question 4

What is secondary research?

Answer 4

collection of data from second hand sources.

Question 5

What are some sources of secondary data?

Answer 5

Government publications
Local library and govt offices 
Trad organisations 
Market intelligence reports 
Newspaper reports and specialist publications 
Internal company records 
Internet

Question 6

Pros of secondary market research

Answer 6

Cheap
Identifies the nature of the market
Quick
Allows comparison of data from different sources

Question 7

Cons of secondary market research?

Answer 7

Can be out of date
Not specific
Reliability is questionable

Question 8

Pros of primary market research?

Answer 8

Up to date
Confidential
Specific

Question 9

Cons of primary market research?

Answer 9

Costly
Time consuming
reliability can be questioned because of the nature of sampling

Question 10

What is qualitative research?

Answer 10

research into the in-depth

motivations behind consumer buying behaviour or opinions