Market Research Flashcards
(7 cards)
What is the market research process
1) define problem OR question
2) develop market research plan
3) collect data
4) analyse date
5) interpret and report answers
What are some potential market research questions (6)
Who are our potential customers
What do our customers want
How big is the market
Who are our competitors
What are customers willing to pay
Is there a gap in the market
Primary market research
Specific to needs of business
More up to date and reliable
More follow up questions
Better qualitative date
Sample of the market saves money
HOWEVER
Time consuming
Difficult to conduct large sample
Examples of primary research
Questionnaires
Surveys
Focus groups
Interviews
Secondary market research
Easily accessible
Fast and less time consuming
Better for quantitative date
HOWEVER
Detailed reports are costly
Not always up to date and specific
Examples of secondary research
Market reports
Websites
Competitor reports
Government statistics
Articles
What is market mapping
How products or businesses are viewed compared to competitors
Helps businesses find gaps in the market
Helps a business gain understanding on its competition
HOWEVER
Only considers to variables for example, luxury and price
