Marketing research

• Why is market research important?

  Customers differ in benefits, payment, and media
• What benefits do customers seek from market research?

  Benefits they want and payment willingness
• What insights does effective market research provide?

  Dimensions of the market and competitor strategies
• What are the two key categories of market research?

  • Primary Research: Data collected first-hand for a specific purpose
  • Secondary Research: Data that already exists for a different purpose
• What is primary research?

  Data collected first-hand for a specific purpose
• What is secondary research?

  Data that already exists for a different purpose
• What are the benefits and drawbacks of primary research?

  Benefits:

  • Directly focused on research objectives
  • Kept private and not publicly available
  • More detailed insights into customer views

  
  

  Drawbacks:

  • Time-consuming and costly
  • Risk of survey bias
• What are the benefits and drawbacks of secondary research?

  Benefits:

  • Often free and easy to obtain
  • Good source of market insights
  • Quick to access and use

  
  

  Drawbacks:

  • Can quickly become out of date
  • Not tailored to business needs
• What is a main source of secondary data?

  Google for quick market research
• What do government departments provide in market research?

  Detailed insights on the economy
• What is a common method for collecting primary data?

  Focus groups and surveys
• What is a benefit of qualitative research?

  Essential for new product development
• What is a drawback of qualitative research?

  Expensive to collect and analyze
• What is a focus group?

  A qualitative research method for opinions
• What are the benefits and drawbacks of quantitative research?

  Benefits:

  • Data is easy to analyze
  • Provides insights into trends

  
  

  Drawbacks:

  • Doesn't explain reasons behind trends
  • May lack reliability if sample is invalid
• What does sampling in market research involve?

  Gathering data from a sample of respondents
• What are the benefits and drawbacks of sampling in market research?

  Benefits:

  • Small sample can provide useful insights
  • Reduces risk and costs

  
  

  Drawbacks:

  • Risk of unrepresentative samples
  • May lead to incorrect conclusions
• What is the difference between quantitative and qualitative research?

  Quantitative Research:

  • Based on numerical data
  • Answers "how many?" and "when?"

  
  

  Qualitative Research:

  • Based on opinions and beliefs
  • Answers "why?" and "how?"