value of primary secondary market research

Question 1

what is primary mkt research

Answer 1

data colected firsthand for a specific research purpose

Question 2

give exampels of primary mkt research

Answer 2

focus groups
interviews
myster shoppers
product testing
obsv
questionnaires

Question 3

focus groups involve

Answer 3

showing producrs to gather thoughts + opinions

Question 4

who can I intvieew

Answer 4

suppliers
customers

Question 5

mystery shoppes report

Answer 5

experiences + findigns

Question 6

product testing / trials means

Answer 6

gainin ginsight vefore launchinf

Question 7

+ves

Answer 7

directly focused for researc obj therfore fit for purpose -

tend to be up to date

more detailed insight particulary into customer views

Question 8

explain +ves in general of primar

Answer 8

more likely to get info you need - get rlevant info means make betetr descisions

tweak stuff for customers - leads to betetr custoemr satisfaction

Question 9

-ves of primary mkt research

Answer 9

time consuming and constly to obtain

risk of survey bias

samples could be unrepreseantitive of population

Question 10

primary mkt research ebing time consuming and costly depends on

Answer 10

scope +method of primary mkt research used

Question 11

explain risk of survey bias

Answer 11

pt might lie

Question 12

samples being unrepresentative of population means

Answer 12

cou.d be getting irrelevnat infor

depends on who and how carry out samplig

Question 13

secondary mkt resarch

Answer 13

datat already exists and has been collected for a different purpose

Question 14

state type of secondary mkt reseach

Answer 14

mkt reports
big datat

trade industry associations
analytics

Question 15

whya re mkt reports useful

Answer 15

often deveopd by specialsist mkt reseach busienss

Question 16

trade 7 industry associations produe

Answer 16

regular reports on the mktts

Question 17

what type of anaytics and waht can we do with this

Answer 17

googel analytics

draw conclusuions
research insights

Question 18

+ves secondary mkt research

Answer 18

often free and easy to obtain

good source of mkt insights

quick to access and use

Question 19

often free and easy toobtain 2ndary

Answer 19

can be digital or printed

buy detailed for a few hundred piunds

expertise of those rhat produce data provides goos dource of insigh t

Question 20

good source of mkt inights expkain

Answer 20

therfore leatn and adpat to mkt to be able to better cater for custoemrs needs and wants

Question 21

quick to access and use

Answer 21

reduces oc of time

allows research to be gatherd wuickl therfore implemetn decision quick - pujt action

gneratebenefotsquicker comp to primary mkt research

Question 22

-ves of 2ndary mkt research

Answer 22

can quickly become our of date
not always tailord to specific research needs

Question 23

explain 2ndary can quickly become out of date

Answer 23

nature of bs constantly changing so what amy be relevant a few motnsh ago knwo is irrelevant

affects validity and usefulness/outcome of product/service/descision you based info on

Question 24

explai not always tailored to specific research needs

Answer 24

therfore not necessariy what you need to help inform dm

Question 25

but then again specialsit reports - esp of detailed and hihg quality can be

Answer 25

expensive