1.2.2 Market Research

Question 1

What is market research ?

Answer 1

Market research is the process of gathering and analysing information about customer,market and competitors.

Question 2

What are the two types of market research ?

Answer 2

Primary and secondary research

Question 3

What is primary research ?

Answer 3

Primary research is a first hand data that a business undertakes itself such as surveys , focus group and interviews.

Question 4

What are the advantages of primary research?

Answer 4

Primary research is specific to the business , up to date and provides relevant information.

Question 5

What are the disadvantages of primary research?

Answer 5

They can be time consuming and expensive for a small business to conduct .

Question 6

What is secondary research ?

Answer 6

Secondary research uses existing data such as from internet , market reports and government data.

Question 7

What are the advantages of secondary research ?

Answer 7

They are cheaper and quick to access.

Question 8

What are the disadvantages of secondary research ?

Answer 8

Secondary research may be outdated and less specific to the business.

Question 9

What are the uses of market research ?

Answer 9

Market research can be used to identify customer needs and gaps in the market,helps understant competitors actions and assits in making informed business descion.