Market Research Flashcards
What is market research
The process of collecting and processing information about the market that a business operates in.
What does market research gather their information on
Demand
Competition
Target market
How is demand important in market research
Insights on customers’ demand can help a business improve the product, spot market opportunities and stay competetive.
How is competition important in market research
It can help the business understand and prepare against these major threats in the market.
How is target market important in market research
It will give the company insights into their customers wants and nees and how they change over time.
What are the two types of market research
Qualitative research
Quantitative research
What is qualitative research
Research that collects information about opinions and views
E.g. research into whether customers think that the customer service in mcdonalds is good is qualitive research
What is quantitative research
Collects factual information on things that can be quantified or recorded easily
E.g. research into the amount of coca cola cans sold last year in quantitative research
What is primary research
Its market research that is done by a firm for its own use. A business can change primary research for their own needs
Examples of primary research
Questionnares
Surveys
Interviews
What is a benefit of primary research
It is tailored exactly to what the business needs
What is secondary research
Its when firms collect information on research that has been done ny other organisations or people.
What is a benefit of secondary market research
It can use information about an entire market rather then a specific one, its also cheaper
Give an example of secondsry market research
Government reports
