Topic 1.2.2 Market Research Flashcards
What are the methods of market research?
Primary research-Surveys,questionnaires,focus groups and observations,Secondary research-Internet,market reports,government reports
What is the purpose of market research?
-To identify and understand customer needs,-to identify gaps in the market,-to reduce risk,-to inform business decisions
What is primary research?
First-hand research that you collect by yourself to find out the precise things you want to know from the people you need to talk to.
Advantages of primary research?
-Tells you exactly what you need to know about your business-specific to your needs,up tod
Disadvantages of primary research
Time-consuming to collect data,expensive,lack of expertise,results may be limited
What is secondary research?
Finding out data that already exists,this is second hand information
Advantages of secondary research?
Low cost,quick to receive/access data
Disadvantages of secondary research?
Data may be out of date,data may be unreliable due to bias,data ma not be specific toyour needs.
What is qualitative data?
Data that is n-depth research into peoples opinions and views.
What is quantitative data?
Data that is numerical/based in numbers,involves collecting lots of answers to specific questions
Role of social media in market research?
Polls on Instagram can be methods of conducting research on social media.The research is up to date and current and surveys and polls are easy to set up on social media.
The importance of the reliability of market research data?
Collecting unreliable market research data will make you lose revenue,lose jobs and reputation damage
-Unreliable data can result in the business failing to align products for customer needs missing gaps in the market and making your business decisions
