Market Research

• What is the purpose of market research?

  To identify and understand customers
• How does market research help businesses?

  It identifies gaps in the market
• What type of data does market research provide?

  Descriptive data that reduces risk
• What is primary research?

  Collecting data firsthand
• What is a focus group?

  A group discussion for gathering opinions
• Why is quantitative data useful in market research?

  It is easier to analyze
• What is secondary research?

  Using data that already exists
• What are market reports used for?

  To provide accurate views quickly
• What makes market research reliable?

  Sample size and careful respondent selection
• What is a large sample in market research?

  A number of people asked for feedback
• What is bias in market research?

  Prejudice affecting the results
• How can bias be reduced in market research?

  By asking more respondents carefully
• How does choosing respondents carefully affect market research?

  It reduces bias in the results
• What is the difference between quantitative and qualitative data?

  Quantitative is numerical; qualitative is descriptive
• Why are opinions important in market research?

  They provide insights into customer preferences
• What role does feedback play in market research?

  It helps refine products and strategies
• Why is depth and detail significant in research findings?

  It provides comprehensive insights into the market
• What is the purpose of investigations into market research processes?

  To improve the accuracy of findings
• How does the product sold relate to market research reliability?

  It influences the accuracy of research findings
• What is primary research?

  Collecting data first hand for a specific purpose
• What are the methods of primary research?

  • Surveys
  • Questionnaires
  • Focus groups
  • Interviews
  • Observations
  • Online reviews and feedback
  • Social media
• What is an advantage of primary research?

  It is specific to the business and more reliable
• What is a disadvantage of primary research?

  It is difficult to do large-scale research
• What is secondary research?

  Using data collected for a different purpose
• What are the methods of secondary research?

  • Internet
  • News reports
  • Government data (census)
  • Market reports
• What is an advantage of secondary research?

  It is quick to access
• What is a disadvantage of secondary research?

  Some market reports are very expensive
• Why might secondary research be considered out of date?

  Data may not reflect current conditions
• What type of data is often free in secondary research?

  Census data
• How does primary research differ from secondary research?

  Primary research collects new data, secondary uses existing data