Flashcards in Conductong Start Up Market Research Deck (10):
Types of market research
-collecting data (primary/secondary)
-content of data (qualitative/quantitative)
Reasons for market research?
Advantages of primary market research
-current info on market
-wide range of info
-gives opinions and views of public
-looks at customer behaviour
Disadvantages of primary market research
-expensive, e.g. Travel or printing
-low response rates
Advantages of secondary market research
-info already available
-cheaper than primary research
-surveys conducted regularly, trends over time.
Disadvantages of secondary market research
-out of date
-also available to competitors
-collected by other firms for their own use.
Advantages of qualitative market research
Helps a firm understand customers thinking.
Can give firm new ideas
Disadvantages of qualitative market research
Small scale, biased.
Difficult to collate
Advantages of quantitative research
Summarise data concisely
Easier to compare
helps identify change and trends