Market Research Flashcards
(6 cards)
1
Q
What is primary market research?
A
When research is conducted by a company first-hand
2
Q
Types of Primary market research methods
A
- Surveys
- Focus groups
- Test marketing
3
Q
What is a focus group?
A
A group of 6 to 12 participant with similar characteristics led by a moderator relevant to the research which provide ideas for a company
4
Q
What is test marketing?
A
It is when a company introduces their product to a small geological area which they feel well represent their market to test their products’ viability before they launch full scale
5
Q
Benefits of Primary market research?
A
- First-hand information (making sure data is relevant)
- Up to date
- In-depth insight (methods like focus groups allow great insight into market’s needs)
6
Q
Cons of Primary market research?
A
- Costly
- Time-consuming
- Market may change
