Market Reserach

Question 1

Market research

Answer 1

Market research involves gathering, presenting
and analysing information about the marketing and consumption of goods and services.

Question 2

Why to use market research?

Answer 2

-Identify and anticipate customer needs and wants.
-Quantify likely demand (how much a business is gonna sell).
-Analyse consumer behaviour

Question 3

Primary research

Answer 3

Collecting information that didn’t exist before

Question 4

Primary research
Adv & disadv

Answer 4

-New info (no one has it)
-Can obtain the exact info business needs.
-Info is up to date

-Expensive and difficult to obtain
-Info may be biased.
-The sample ,ay not represent whole population.

Question 5

Secondary research

Answer 5

The gathering of information that already exists

Question 6

Adv and disadv secondary

Answer 6

-Easy to gather
-Free or cheap to gather
-You can gather info from many people (represents whole population).

-Can be out of date.
-Info may not be what business need.
-Other businesses can have it

Question 7

Qualitative research

Answer 7

involves the collection of data about attitudes, beliefs and intentions.

Question 8

Quantitative research

Answer 8

involves the collection of data that can be measured.

Question 9

Random sampling

Answer 9

The sample is selected at random.
It assumes all members of the group are exactly the same, which is not always like that.
A small sample would not represent the whole population but a large one would be expensive.

Question 10

Quota sampling

Answer 10

target population being segmented into a number of groups that share specific characteristics. (Age, gender).
Cost effective.
Not represent whole population, not chosen at random

Question 11

Stratified sampling

Answer 11

Random.is where the sample is divided into segments or strata based on previous knowledge about how the population is divided up. (Income groups) and then a sample from each group is chosen.