Market research Flashcards
(15 cards)
What is market research?
Gathering information about a market to help a business make informed decisions.
Why is market research done?
To spot opportunities
Decide what to do next
See if the plans are working
What is the difference between closed questions and open questions?
Closed questions have predetermined answers and open questions allow for more informative answers.
What are examples of primary research?
Interviews
Questionnaires
Focus groups
What are advantages of primary research?
Exclusive to the business
Specific
What are disadvantages of primary research?
Labour-intensive
Time-consuming
Expensive
What are examples of secondary research?
Internet sources
Magazines
Government reports
What are advantages of secondary research?
Faster
Cheaper
What are disadvantages of secondary research?
Data may be inaccurate or out-of-date.
Why do market researchers need a representative sample?
So the results of their research accurately reflect the whole target market.
What are the 3 sampling methods?
Random sampling
Stratified sampling
Quota sampling
What is random sampling?
When people are randomly selected from a list.
What is stratified sampling?
When the population is divided into groups and people are selected randomly from each group
What is quota sampling?
When people are picked who fit into a category.
Why does market research need to avoid bias?
To ensure the accuracy and reliability of the results.
