Business Week 4

Question 1

Market research

Answer 1

Market research collects information that might help a business to be more successful and spot gaps in the market.

Question 2

Primary market research

Answer 2

unique study conducted by yourself to discover the wants and needs of consumers who fit the description of your target market

Question 3

What are advantages of primary market research

Answer 3

Customized data. Primary research provides specific information tailored to a company’s unique needs and questions. …
Up-to-date information. Primary research ensures that the collected data is current and relevant. …
A better understanding of competitors.

Question 4

Disadvantages of market research

Answer 4

costs, time, potential risk of biased results

Question 5

Secondary market research

Answer 5

Research done by other resources such as websites

Question 6

Advantages of secondary market research

Answer 6

far more cost-effective and less time-consuming

Question 7

Disadvantages of secondary market research

Answer 7

Information gathered is more than likely not going to be specific to the business and its needs.
The information on the internet could be out of date, either by months or years, so circumstances of where this information can be used will vary.

Question 8

Questionare

Answer 8

resource that organisations use to survey various people, such as customers, employees and consumers

Question 9

Trials

Answer 9

A temporary offering to test the success of a new product

Question 10

Focus groups

Answer 10

is a research method used to collect opinions and feedback from a group of people about a specific product, concept, or service

Question 11

Census data

Answer 11

information recorded about the population of a country, state, city, or other well-defined geographical areas