Market Research Flashcards
(13 cards)
Why do businesses carry out market research?
To identify and understand customer needs
To find gaps in the market
To reduce risk
To inform business decisions (like pricing, product design, and promotion)
What is primary research?
Research collected first-hand by the business (also called field research).
Give examples of primary research methods.
Survey
Questionnaire
Focus group
Observation
Test marketing
What are the advantages of primary research?
Up-to-date and specific
Tailored to the business’s needs
What are the disadvantages of primary research?
Time-consuming
Expensive to carry out
What is secondary research?
Existing information collected by others (also called desk research).
Give examples of secondary research sources.
Internet
Market reports
Government reports
What are the advantages of secondary research?
Quick and cheap
Wide range of data
What are the disadvantages of secondary research?
May be outdated or not specific to the business
What is qualitative data?
Non-numerical data, e.g. opinions and feelings — usually gathered from focus groups or interviews.
What is quantitative data?
Numerical data, e.g. sales figures, percentages, and survey results.
What role does social media play in market research?
Allows businesses to gather feedback instantly
Tracks customer opinions, trends, and engagement
Why is market research important in decision-making?
Reduces risk
Improves customer satisfaction
Helps with targeting the right market segment
Supports development of better products/services
