market research and initial feasibility study.

Question 1

market research

Answer 1

refers to an in-depth investigation into consumer needs and problems associated with marketing good or services.
- allows a business to gain insight into an industry and access the potential success of the concept.
- aims to provide qualitative and quantitative data.
- allows the business to make more informed decisions bc have a greater understanding of industry and customer tastes.

Question 2

what can market research be used for?

Answer 2

• to conduct an initial feasibility study.
• part of the business concept development.

Question 3

initial feasibility study

Answer 3

conducted to inform the owner of the things they must consider when starting the business and potential risks involved.

Question 4

market research process

Answer 4

research objectives -> perform secondary research -> decide on primary research method -> conduct primary research and analyse the data -> present the data and produce the report.

Question 5

primary research

Answer 5

the collection of info first-hand by a business for a specific purpose. collected using surveys, interviews, observations

Question 6

pros and cons of primary research

Answer 6

pros:
- data is accurate and up to date
- fully specific to the purpose or cause.
cons:
- time consuming
- expensive
- may be biased if the business is inexperienced in carrying out research.
- may lack validity if the research was not conducted amongst a large and relevant audience.

Question 7

secondary research

Answer 7

the use of info that has already been collected previously. this could be by another organisation/business or for a different purpose

Question 8

pros and cons of secondary research.

Answer 8

pros:
- often cheaper than conducting primary research.
- quicker as the info is already available.
cons:
- not completely applicable to specific requirements of the business.
- business is not aware of the conditions under which the research has been conducted.

Question 9

qualitative data

Answer 9

non-numerical data including opinions or written responses.

Question 10

quantitative data

Answer 10

numerical data, such as figures and statistics that can be more easily analysed.