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Flashcards in Identifying Customer Needs Deck (6)
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1
Q

What is market research?

A

A systematic, objective collection and analysis regarding a particular target market to gain an increased understanding of the subject matter

2
Q

What must market research do?

A
  • Explain what is happening in the market
  • Explain reasons why things are happening
  • Be able to be used as a predictive tool of consumer reaction
3
Q

Possible ways of conducting primary market research?

A
  • Focus groups/consumer panels
  • Surveys/questionnaires
  • Interviews
  • Trial marketing
  • Observation
4
Q

Internal ways of conducting primary research?

A
  • sales data, previous surveys, customer info from loyalty cards
5
Q

External ways of conducting primary research?

A
  • gov stats, market research companies, trade magazines, media, competitors
6
Q

How to decide which method to use?

A
  • cost
  • time
  • reliability
  • fitness for purpose

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