Market Research Strats

Question 1

Define Primary Market Research

Answer 1

Collecting primary data that’s up-to-date and specific for the business

Question 2

Define Secondary Research

Answer 2

Collects data that already exists and has to be adapted to help the business

Question 3

Outline 3 methods of primary market research

Answer 3

1. Questionnaires - set of questions answered by a large sample
2. Interviews - 1 to 1 questioning about their views of a product
3. Focus Groups - a small group discuss their views on a topic

Question 4

Outline 3 secondary market research methods

Answer 4

1. Internet information - using internet sites to find data
2. Government sources - have information on economy & industries
3. Competitor information

Question 5

Define Sampling

Answer 5

Group of respondents to represent a target market for market research

Question 6

Define Quota Sampling

Answer 6

Population segmented into a number of groups with specific characteristics
(e.g age/sex)

Question 7

Define Random Sampling

Answer 7

Every member of the population has an equal chance to be interviewed in the sample