Market Research Flashcards
Why is market research done? 3 reasons
Helps businesses spot opportunities
Helps them to decide what to do next
To see if their plans are working
What is 2 disadvantages of market research?
Expensive
Can lead to bad decisions made
What does quantitative research produce?
Numerical statistics
What does quantitative research look into?
The feelings and motivations of consumers
What is primary market research?
Where a business gathers new data
What is secondary market research?
Done by analysing data that’s already available
How is primary data collected?
Questionnaires and sampling
Is primary or secondary data better for niche markets? Why?
Primary because its specific
Why is secondary data better than primary data?
Easier, quicker and cheaper
What are 2 examples of internal secondary data?
Loyalty card info
Financial accounts
What are 2 examples of external sources of secondary research?
Focus or pressure groups
What is secondary data often used to get?
An initial understanding of a market
What do market researchers need?
A sample rather than whole market
What is random sampling?
Picking samples from random
What is stratified sampling?
Splitting people into groups and selecting random
