Purpose on method of market research

Question 1

What is market research

Answer 1

Market research involve finding out customer need and want

Question 2

To identify gaps in the market

Answer 2

A business will carry a market research is by a gap in the market or a potential business opportunity
Markets are dynamic and trends change all the time so the more up-to-date the research is - the quicker the business can be to market with the product

Question 3

Information collected in Market Research - Information on Demand

Answer 3

Market research can be used to collect information which will help the business measure demand level for a product

Question 4

Information collected in Market Research-information on the competition

Answer 4

A business can learn from its competitors mistakes

a business can copy what works well for the competition

Question 5

Information collected in Market Research - information on the target market

Answer 5

As a marketer, you should know everything about your target audience from the demographics and interest to the buying behaviours
Your focus should be on your target audience because in order for you to have a successful marketing campaign you must know who you’re targeting and why

Question 6

What is quantitative information

Answer 6

Quantity data
Quantitative data involves gathering data and measuring responses
Questionnaires written to gather numerical data
Quantitative research is statistical so it is important to use a large enough sample size so the results are meaningful

Question 7

What is qualitative information

Answer 7

Quality information
Seeks to gather and explore feelings and thoughts about a product from consumers
Information gathered by; focus groups discussions, interview with consumer on what they think about the project the service, observations of buying behaviour

Question 8

What is primary research

Answer 8

Primary research is original data gathered by the researcher
This is brand-new information which the business needs to gather
This information does not yet exist, so you could not find it on the Internet, a website or anywhere else

Question 9

What is secondary research

Answer 9

Secondary research is also called desk research

The information already exist in some format, someone has already collected the data

Question 10

Market share

Answer 10

This can be calculated by

Product sales/Total Market Value x 100