Market Research Flashcards
(13 cards)
What is the purpose of market research
To identify and understand costumer needs
What are the 2 methods of market research
-Primary
-Secondary
Give 2 examples of primary research
Surveys
Questionnaires
Give 2 examples of secondary research
The internet
Market reports
What is qualitative
The use of data in questions
-eg what colours people like
What is quantitative
The data of numbers
What is the purpose of market research ( 4 examples )
- to identify costumer needs
- to reduce risks
- to identify gaps in the market
- to inform business decisions
A business should use market research to _______ what costumers ______ and _____
Understand, wants, needs
If you find a ____ in the ________ you could make a lot of ______
Gap, market, money
Definition of primary research
The gathering of new information that is specific to the business
benefits of primary research
-Can collect large amount of data
Drawbacks of primary research
-expensive
Drawbacks of primary research
-expensive
