Market research

Question 1

What is Market Research?

Answer 1

Process of gathering Primary and secondary data on:
Buying Habits
Lifestyles
Usage and attitudes of actual and potential customers.

Question 2

Advantages of Market Research?

Answer 2

Aids decision making
To find out consumer wants and expectations.
To gain competitive advantage

Question 3

Disadvantage of Market Research?

Answer 3

Does not guarantee success
Data does not meet specific needs
Can be time consuming to gather.

Question 4

What is Primary research?

Answer 4

Collecting data that does not already exist. Collect for a specific purpose.
Gathered through questionnaires, interviews surveys and focus groups.

Question 5

Advantages of Primary research.

Answer 5

-Research is only available to that business- gain advantages over rivals.
- Its up to date info allowing better decisions making.
- targeted for specific needs.

Question 6

Disadvantage of Primary research.

Answer 6

-Can be expensive to collect.
-Can be very time consuming.
-Can have problems of Bias.

Question 7

What is secondary Research?

Answer 7

Collects Data that is already in existence. Can be collected internally or externally.

Question 8

Advantages of Secondary Research.

Answer 8

• Its cheap
• Cost effective analysis.

Question 9

Disadvantage of secondary Research.

Answer 9

• Often out of date
• might not be available
• Little control of quantity.