Social Media

• What is the purpose of market research?

  To collect information about the market
• How can market research help businesses?

  It helps spot gaps in the market
• What are the two types of market research methods mentioned?

  Primary and secondary research
• What is qualitative data in market research?

  Data that describes qualities or characteristics
• What is quantitative data in market research?

  Data that can be measured and expressed numerically
• What is social media's role in market research?

  It allows businesses to reach many customers
• What is one benefit of using social media for market research?

  It is cheaper than other research forms
• How can social media save time in market research?

  Online questionnaires can automatically graph results
• What can businesses monitor through social media?

  The behavior of their competition
• How might a business use social media to gather market research?

  By asking followers to complete a questionnaire
• What incentive might a hairdresser offer for completing a questionnaire?

  Entry into a competition for a free haircut
• What is a target market?

  A group of customers a business aims at
• Why is social media important for understanding trends?

  It helps find out changing tastes and trends
• How does social media impact the speed of market research?

  It allows for quick access to customer feedback
• What could be a consequence of not using social media for market research?

  Difficulty in tracking changing tastes and trends