Market Research

Question 1

What is information used for

Answer 1

To understand consumer value needs

Question 2

Why do we do market research?

Answer 2

In order to understand the market in greater detail

Question 3

What are the two types of market research?

Answer 3

Quantitative and Qualitative

Question 4

What does Quantitative research focus on?

Answer 4

Focuses on coming up with numbers (e.g. percentages) gathered using surveys and questionnaires.

Question 5

What does Qualitative Research focus on?

Answer 5

Gets behind the facts and figures to find out how people feel about products and what prompts them to spend. Gathered by interviews, questionnaires and focus groups.

Question 6

What are the 4 categories of market research?

Answer 6

Primary research, Secondary research, Quantitative and Qualitative/Exploratory research.

Question 7

What is Primary and Secondary research?

Answer 7

Primary research is information gathered using interviews, questionnaires, focus groups etc.. while Secondary research is gathering information that already exists (archives).

Question 8

What is the process of Marketing Research?

Answer 8

1. Define the research problem
2. Determine the research design
3. Choose the Method for Collecting Primary Data
4. Design the Sample
5. Collect the data
6. Analyse and Interpret the Data
7. Prepare the research report