Market Research

Question 1

What is market research (MR)

Answer 1

The systemic process of gathering, recording and analysing of data related to marketing of G/S

Question 2

Methods of MR

Answer 2

primary / field

Secondary / desk

Question 3

What is primary / field research

Answer 3

A collection of first hand information for a specific purpose eg: questionnaires

Question 4

Advantages of primary research

Answer 4

More relevant : as a business can design the research in the best way to discover the particular information it needs.

Business can ensure the research they’ve gathered is up to date

Question 5

Disadvantages of primary / field research

Answer 5

Process of designing research, gathering and analysing can be slow and time consuming

For this, business often hire specialist researchers which can be expensive

Question 6

Forms of primary research

Answer 6

Questionnaires / interviews

Testing

Consumer panels

Observation

Question 7

Purpose of market research

Answer 7

Make sure their providing products which consumers are most likely going to want/ buy

Shows them the price is an acceptable amount for customers

Shows if the packaging is attractive

Indicates their target market

Shows the area in which sales are most likely going to be successful