Topic 1.2.2 Market Research Flashcards
market research is…
the process of finding out information about a market
market research involves finding out about…
the needs of customers, competitors and their products and the size of the market
market research is important because…
it helps reduce the risks of starting a business
the more information an entrepreneur has about their market they intend to enter into…
the less likely they are to make bad decisions (setting price too low)
good market research can help entrepreneurs decide which…and…
products to sell and customers to target
good market research can help entrepreneurs decide how…
to promote the business
good market research can help entrepreneurs decide what…
price to charge
the information they gather through market research can help identify…
a gap in the market
a gap in the market refers to…
a customer need/ opportunity that is not currently being provided by any other business
primary market research is…
research carried out by yourself, new and original
examples of primary market research are…
surveys, focus groups, observations
surveys are effective for…
finding out customer needs
focus groups involve…
a small group of people coming together to test a product/topics
focus groups are effective at…
providing business with information about customer attitude and opinions
observations include seeing…
how competitors operate/ seeing the footfall in a particular area
secondary market research is…
accessing information that already exists
examples of secondary market research is…
internet, market reports, government reports
the internet makes it easy to…
find out about competitors, prices, guides and advice
market reports are…
extensive pieces of research into a market research company
government reports are…they are…
research carried out by the government, they are free
(benefit of primary market research) they are…and…
they are current and up to date
(drawbacks of primary market research) can be…
very time consuming
(benefit of secondary market research) they are quick…
and easy to collect as it already exists
(drawback of secondary market research) not…or…to the needs…
not up do date or specific to the needs of the business
quantitative data is any…
quantitative data is any…
qualitative data are…
attitudes and opinions
qualitative data is useful because it…
helps a business understand the motives of customers
quantitative data is useful for…
showing trends over time and comparing things
