Market Research Flashcards
What is market research?
Market research is the collection and analysis of data and information to inform a business about its market
Why is market research done?
identify and anticipate customer needs and wants
quantify likely demand
Identify Market trends
Minimise risk
What are the two types of market research?
Primary
Secondary
What are some types of primary market research?
Surveys and questionnaires
In depth interviews
Focus groups
Observations
What are some types of secondary market research?
National and local government
Market research organisations
Professional bodies
Trade unions
Academic organisations
Newspapers
Internet
What is the difference between primary and secondary market research?
Primary(Field) is obtaining first-hand data 📉 📈 such as Questionares or test samples
Secondary(Desk) is obtaining Second-hand research already made can be free or bought
What are the pros and cons of Primary(Field ) research?
Specific needs are met
Up-to-date
Expensive
Time-consuming
What are the pros and cons of Secondary Market research?
Available/accessible
Cheap
May be out of date
May be unreliable
What is Qualitative data?
Data based on opinion (How?,Why?, What?)
Examples of qualitative data?
Useful insight
Identify new approaches
Expensive
Low amounts collected
What is quantitative data ?
Provides insight on numerical data
Pros and cons of Numerical data?
Easy to analyse
Easy to spot trends
Time consuming
expensive
Common issues of selecting the appropriate method of market research
Research Objectives
Budget and resources
Time
Validity and quality
Ethics(Privacy concerns )
What is sampling?
group of subjects that have been chosen from a larger group, the population , for data
What factors affect the sampling?
Sample technique used
How the sample was carried out
The size of the sample(Budget available,Importance of accuracy, Degree of confidence in answers)
