Secondary Market Research Flashcards
What is secondary research?
-info found by someone else and for different purpose than entrepreneurs
What is internal secondary research?
Info that already exists within a business
- sales figures
- customer comments
- invoices
- loyalty costs
What is external secondary research?
information from sources outside the business
- competitor info
- print media
- books
- internet
- market research organisations
What are benefits of secondary research?
- info is already available, likely to be updated and relevant
- cheaper than primary research
- primary research is one off, secondary is continuous and can show changes overtime
What are problems of secondary research?
- must make sure right Info is used, right country, latest info, right market
- available to everyone so no advantage
- created for different purpose, will it be suitable?
- based on other companies work, may not be accurate
What are the two types of info?
Qualitative - opinions, preferences, thoughts and feelings
Quantitative - numerical data, often facts not opinion
What questions do the two types ask?
Qualitative - why,would,what
Quantitative - how many, how often, who, when and where
Which type of information should be used?
- both need to be used
- quantitative data first to produce ideas of size of market, level of demand etc
- qualitative next showing how people feel and if goods/services meet needs
Features of qualitative data
Advantages - finds out why customers buy, see what target market wants
Disadvantages - lots of info is difficult to manage, some purchases are impulse with no reason behind
Features of qualitative data?
Advantages- data is easy to understand and use, more reliable as it’s based on fact
Disadvantages- need to ask more for it to be more useful, also not specific and general customer opinion
