Purpose?

• What is the purpose of market research?

  To gather information for business success
• How can market research be conducted?

  By the company itself or from elsewhere
• What are the aims of market research?

  • Identify customer needs
  • Spot gaps in the market
  • Reduce business risk
  • Make informed business decisions
• What factors do businesses consider regarding customer needs?

  Price, quality, choice, and convenience
• Why is it important for businesses to identify customer needs?

  To provide the right product at the right time
• How does identifying customer needs help reduce business risk?

  It leads to more successful business decisions
• What does being innovative mean in a business context?

  Being creative and developing new ideas
• What is a gap in the market?

  A demand for a product not currently met
• How can spotting a gap in the market benefit a new business?

  It provides a good chance of success
• Give an example of a gap in the market.

  Online music streaming services
• What is the significance of the first car invention in market research?

  It showed demand for easier transportation
• Why is it important for businesses to keep up to date with customer needs?

  Customer needs change over time
• What is one method of market research?

  Primary research
• What is another method of market research?

  Secondary research
• What types of data can market research gather?

  Qualitative and quantitative data
• How can social media be used in market research?

  To gather market research data
• What is the importance of reliability in market research data?

  It ensures accurate business decisions