Theme 1.2 - Market Research Flashcards
What are some uses for market research?
Identify gaps in the market
Identify customer needs
Reduce risk in decisions
Inform business decisions
What is primary research?
Research the business carries out to understand the market and customer needs to inform their decisions
What is secondary data?
Information already available from other businesses
What are the advantages of collecting primary data?
Tailored to the specific needs of the business
Unique to the business carrying it out
What are the disadvantages of collecting primary data?
Takes longer to obtain
More expensive
What are the advantages of using secondary data?
Quicker to obtain information
Less expensive
What are the disadvantages of using secondary data?
Has been collected for another purpose
Needs to be adapted to the context of the business
What are some different ways of collecting primary data?
• Surveys
• Interviews
• Focus groups
• Observations - footfall
• Experiments
• Test marketing
What is qualitative data?
Information about opinions, judgements and attitudes
What is quantitative data?
Data that can be numerically interpreted
What is a business‘ portfolio?
A business‘ variety of products
What does a market map allow a business to do?
• See all the products or services in the market
• Identify its competition
• Spot any gaps in the market
• See the position of its product
