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Flashcards in 2.1 Market Research Deck (12)
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1

Give the definition of Market Research

The collection and analysis of market information and this helps to reduce the risks of mistakes (overproduction)

2

Why is Market Research conducted?

It helps spot business opportunities
It helps them work out what to do next
It helps to see if their plans are working

3

Give 2 Market Research Methods

Primary Research
Secondary Research

4

What is Primary Research?

First Hand Data specific to the business

5

What is Secondary Research?

Existing Data collected by other people

6

What are the methods of Primary Research?

Observation
Questionnaires
Focus Groups
Sampling
Internet Research
Surveys

7

What is the advantage and disadvantage of Primary Research?

Advantage:
Always up to date

Disadvantage:
Slow and Expensive

8

What are the sources used in Secondary Research?

Internal Sources
External Sources

9

Give examples of Internal Sources in Secondary Research

Feedback from company salesman
Analysis of company sales reports
Financial Accounts
Stock Records

10

Give examples of External Resources in Secondary Research

Social Trends
Marketing Agency
Reports
Trade Magazines

11

What is the advantage and disadvantage of Secondary Research?

Advantage:
Easier, Faster and Cheaper than Primary data

Disadvantage:
Information might contain errors and could be out of date

12

What is the difference between Quantitative and Qualitative Research?

Quantitative:
Produces Numeral Statistics from research

Qualitative:
Research that looks into feelings and motivations of consumers