Market Research Flashcards
Whats the definition of market research ?
An organised effort to gather information about your target markets, organisations and customers
Why is market research important ?
It ensures the chances of a business succeeding in the modern market
Name some market research activities ?
- Have a conversation with local people about tutoring
- online survey
- videos and newspapers
What is target market ?
The customers you are aiming to work with and sell to
How does market research reduce risk ?
Allows a business help find out what problems customers have with your product
What data can market research be used to collect ?
Qualitative and quantitative data
What data is quantitative?
Numerical data, graph data
What data is qualitative?
Lengthy explanations like case study’s and description reviews
Examples of primary research ?
Focus groups
Surveys
Questionnaires
Examples of secondary research ?
Census
Internet research
