U1 AOS1/KK8: Market research Flashcards

1
Q

Market research is…

A

investigation into consumer needs allowing to gain insight to assess the potential success

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2
Q

The market research process is…

A
  1. Research Objectives (i.e. What do you want to find out?)
  2. Perform Secondary Research and Analyse the data
  3. Decide on Primary Research Methods
  4. Conduct Primary Research and analyse the data
  5. Present the data and produce the report
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3
Q

Two types of market research data are…

A

Qualitative and quantitative data.

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4
Q

Primary research is…

A

The collection of information first-hand by a business for a specific purpose.

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5
Q

Pros of primary

A
  1. Data is accurate and up to date
  2. Fully specific to the purpose or cause
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6
Q

Cons of primary

A
  1. Time consuming
  2. Expensive
  3. Bias
  4. May lack validity
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7
Q

Secondary research is…

A

The use of information that has already been collected previously. This could be by another organisation/business or for a different purpose.

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8
Q

Examples of primary

A

Surveys, questionnaires, interviews, observations

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9
Q

Examples of secondary

A

Newspapers, reports, websites (internet), journals, statistics

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10
Q

Pros of secondary

A
  1. Cheaper
  2. Quicker
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11
Q

Cons of secondary

A
  1. Not applicable to specific requirements
  2. Business not aware of conditions under which research was conducted.
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12
Q

Why is MR useful?

A

Allows business to:
1. Understand the needs and wants of the customer
2. Assess the viability of the business idea
3. Allows them to understand the market

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