Primary Market Research

Question 1

How is primary research used in marketing?

Answer 1

-identifying: finding out by using market research

Question 2

How is primary research used in a business?

Answer 2

• work out what customers want by asking directly
• make decisions based on this and which strategy to follow
• achieve corporate objectives

Question 3

Why does a business conduct market research?

Answer 3

• to answer some of the unanswered questions
• collection, analysis and evaluation of info needed for a business
• it includes: primary research and secondary

Question 4

What is primary research?

Answer 4

• collected first hand for a specific purpose by the entrepreneur
• strategic research: finds out what customers want to help plan for future
• tactical research: what competitors are doing and what prices are changing
• databank research: updating info about the market or industry they’re in

Question 5

Features of observational research?

Answer 5

Advantage - good way of assessing the way products are displayed and how customers view and obtain product

Disadvantage - won’t explain why consumers makes the actions that are observed

Question 6

Features of postal survey?

Answer 6

Advantage- covers a lot of people in target area

Disadvantages- can throw post away simply

Question 7

Features of telephone research?

Answer 7

Advantage - quick and easy to receive feedback

Disadvantage - people don’t like personal calls

Question 8

Features of online survey?

Answer 8

Advantage - popular and low cost

Disadvantage - easy for customers to avoid

Question 9

What are some problems of primary research?

Answer 9

• market research agency can be expensive and must wait for results
• mostly done in an informal way, may not be accurate and representative of target market