Marketing

Question 1

Define market research

Answer 1

• the process of systematically gathering data from consumers
• which can be used to influence business decisions

Question 2

Purpose of market research

Answer 2

• to identify and understand customer needs
• to identify gaps in the market
• to reduce risk
• to inform business decisions.

Question 3

Methods of market research

Answer 3

• primary research
• secondary research

Question 4

Define primary research

Answer 4

*Gathering new information directly from the source, (typically customers or potential customers.)
*gathering information that doesn’t already exist
* tailored to the needs of the business within its target market.

Question 5

Primary research methods

Answer 5

o survey
o questionnaire
o focus group
o observation
o test marketing

Question 6

Define secondary research

Answer 6

• Using information that has already been collected by someone else for a different purpose.
• Obtained from sources outside the business,

Question 7

Secondary research methods

Answer 7

o internet
o market reports
o government reports.

Question 8

Define quantitative data

Answer 8

based on numbers and could include financial reports, market data or summaries of data gained from primary research

Question 9

Define qualitative data

Answer 9

gathers descriptions or explanations based on conversations, discussions, impressions, and emotional feelings