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Flashcards in Conductong Start Up Market Research Deck (10):
0

Types of market research

-collecting data (primary/secondary)
-content of data (qualitative/quantitative)

1

Reasons for market research?

Descriptive reasons
Explanatory reasons
Exploratory reasons
Predictive reasons

2

Advantages of primary market research

-current info on market
-wide range of info
-gives opinions and views of public
-looks at customer behaviour

3

Disadvantages of primary market research

-expensive, e.g. Travel or printing
-time consuming
-bias results
-low response rates

4

Advantages of secondary market research

-info already available
-cheaper than primary research
-surveys conducted regularly, trends over time.

5

Disadvantages of secondary market research

-out of date
-also available to competitors
-collected by other firms for their own use.

6

Advantages of qualitative market research

Helps a firm understand customers thinking.
Can give firm new ideas

7

Disadvantages of qualitative market research

Expensive
Small scale, biased.
Difficult to collate

8

Advantages of quantitative research

Summarise data concisely
Easier to compare
helps identify change and trends

9

Problems of quantitative market research

Only shows what rather than why
Lacks reliability