T3 Market Research And Trends Flashcards
1
Q
What is market research?
A
Any set of techniques used to gather information and better understand a company’s target market
2
Q
What are the 4 mains ways in which market research can be carried out?
A
- surveys
- questionnaires
- focus groups
- customer observation
3
Q
What is competitor research
A
Focuses on finding and comparing key materials that help identify differences between your product services and those of your competitors
4
Q
Why is competitor research important?
A
Helps establish the foundation for an effective sales and marketing strategy enabling your company to stand out from the crowd
5
Q
What does competitive research involve?
A
- Identifying your competitors
- evaluating their strengths and weaknesses
- evaluating the strengths and weaknesses of their products and services
