Market research

• What is the primary purpose of market research?


  To find a gap in the market
• Why is it important to identify unmet customer needs through market research?


  To confirm and validate anticipated customer needs
• How can market research improve decision-making?


  By reducing risk in pricing, promotion, and product features
• What are the two main types of market research?

  Primary and secondary research
• What is primary market research?


  Research conducted by yourself
• What is secondary market research?


  Using existing data for analysis
• What are the outputs of market research?


  • Quantitative: Numbers
  • Qualitative: Words
• Why is quantitative market research beneficial?


  It allows for easier statistical analysis
• What is a limitation of qualitative market research?


  It is harder to analyze in bulk
• What type of questions might you ask in qualitative market research?


  Open-ended opinion questions
• How can social media be used in market research?


  • Create surveys to gather data
  • Identify new trends
  • Examine followers for segmentation
• How can surveys through social media help in market research?


  They can identify gaps in the market
• What is the benefit of segmenting social media followers?


  It allows for tailored products to specific customer segments
• How does using social media for market research potentially impact sales?


  It can lead to increased sales through targeted marketing