Market Research Flashcards

1
Q

Why is market research done? 3 reasons

A

Helps businesses spot opportunities
Helps them to decide what to do next
To see if their plans are working

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2
Q

What is 2 disadvantages of market research?

A

Expensive
Can lead to bad decisions made

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3
Q

What does quantitative research produce?

A

Numerical statistics

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4
Q

What does quantitative research look into?

A

The feelings and motivations of consumers

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5
Q

What is primary market research?

A

Where a business gathers new data

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6
Q

What is secondary market research?

A

Done by analysing data that’s already available

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7
Q

How is primary data collected?

A

Questionnaires and sampling

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8
Q

Is primary or secondary data better for niche markets? Why?

A

Primary because its specific

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9
Q

Why is secondary data better than primary data?

A

Easier, quicker and cheaper

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10
Q

What are 2 examples of internal secondary data?

A

Loyalty card info
Financial accounts

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11
Q

What are 2 examples of external sources of secondary research?

A

Focus or pressure groups

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12
Q

What is secondary data often used to get?

A

An initial understanding of a market

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13
Q

What do market researchers need?

A

A sample rather than whole market

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14
Q

What is random sampling?

A

Picking samples from random

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15
Q

What is stratified sampling?

A

Splitting people into groups and selecting random

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16
Q

How can market researchers avoid bias?

A

By having a more representative sample