key features of the market research process

Question 1

market research

Answer 1

the process carried out by a buisness to seek information relating to its selected market or market segments

Question 2

key features of the marketing research process include:

Answer 2

collection of primary data
collection of secondary data
data analysis

Question 3

primary data

Answer 3

Data collected by the business itself directly from customers/potential customers to answer specific questions

Question 4

example of primary data

Answer 4

a customer can be asked to rate a product after buying it giving it several stars. Customers may be asked to do so after purchasing a product online

Question 5

sources of primary data

Answer 5

Customer feedback including product testers
Surveys
Interview
Observation
Financial information such as statements or accounting records
Sales data
Loyalty card numbers or details
Focus groups
Staff feedback

Question 6

secondary data

Answer 6

Data collected by another business or government agency and used for research purposed by the business

Question 7

example of secondary data

Answer 7

a business wanting to know the demographics of Sorrento could go onto the ABS to use information gathered there

Question 8

sources of secondary data

Answer 8

journal articles
Industry or trade publications
Government reports such as those prepared by the Australian Bureau of statistics
Purchase data

Question 9

data analysis

Answer 9

Involves examining the collected data to extract information that can be used to suggest potential courses of action and support better decision making. It can be performed to determine the market for a particular product

Question 10

examples of data analysis

Answer 10

spreadsheets
microsoft excelt