Understanding the consumer (market research) Flashcards
1
Q
What is market research?
A
The process of gathering data in order to understand current and future consumer needs and the nature of the marketplace. This develops risks of new projects/business plans.
2
Q
What two types of market research are there?
A
Primary market research.
Secondary market research.
3
Q
What is primary market research?
A
Research obtained first hand by the business interested in results.
AKA Field research.
4
Q
What is secondary market research?
A
Research obtained by data that has already been gathered previously by a third party.
5
Q
Name two types of primary market research.
A
(Any 2 of the following)
Questionnaires/surveys
Focus groups.
Observations.
Interviews.
6
Q
What are the advantages of questionnaires/surveys?
A
