Topic 1.2.2 Market Research

Question 1

What are the methods of market research?

Answer 1

Primary research,Secondary research

Question 2

What is the purpose of market research?

Answer 2

-To identify and understand customer needs,-to identify gaps in the market,-to reduce risk,-to inform business decisions

Question 3

What is primary research?

Answer 3

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.

Question 4

Advantages of primary research?

Answer 4

-Tells you exactly what you need to know about your business

Question 5

Disadvantages of primary research

Answer 5

Time-consuming to collect data,expensive

Question 6

What is secondary research?

Answer 6

Finding out data that already exists,this is second hand information

Question 7

Advantages of secondary research?

Answer 7

Low cost,quick to receive/access data

Question 8

Disadvantages of secondary research?

Answer 8

Data may be out of date,data may be unreliable due to bias

Question 9

What is qualitative data?

Answer 9

Data that is n-depth research into peoples opinions and views.

Question 10

What is quantitative data?

Answer 10

Data that is numerical/based in numbers,involves collecting lots of answers to specific questions