lesson 1 Flashcards
What is market research?
Market research is the process of finding and analysing information about customer wants and needs and the nature of the market.
What is Primary research?
Primary research is the collection of information first hand by a business for a specific purpose
Advantages of primary research
Data is accurate and up to date
Fully specific to purpose or cause
Disadvantages of primary research
Time consuming
Expensive
May be biased if business is inexperienced in carrying out research
May lack validity if the research was not conducted to a large and relevant audience
What is secondary research
The use to information that has already been collected previously. This could be by another organisation/ business or for a different purpose.
Advantages of secondary research
Often cheaper than conducting primary research
Quicker as the information is readily available
Disadvantages of secondary research
Not completely applicable to specific requirements of the business
Business is not aware of the conditions under which the research has been conducted
Examples of primary research
Surveys, questionnaire, interviews, observations
Example of secondary research
Newspapers, reports, websites(internet), journals, statistics
Market research process
Research objectives
Perform secondary research and analyse data
Decide on primary research methods
Conduct primary research and analyse data
Present the data and produce the report
Implement the research
What is qualitative data
Non-numerical data including opinions and written responses
What is quantitative data
Numerical data such as figure and statistics that can be more easily analysed
