Business 1.2

• Market research involves gathering information about customers' needs, preferences, and behaviors through surveys, focus groups, interviews, observation, and secondary data sources such as government statistics and industry reports.
• Quantitative research focuses on numerical data and statistical analysis, while qualitative research emphasizes non-numerical data and interpretation.
• Primary data refers to original data collected specifically for the research project at hand, while secondary data refers to existing data that has been previously gathered by other organizations or individuals.
• The purpose of market research is to identify opportunities, assess risks, test ideas, evaluate competitors, and inform decision-making processes.
• Primary market research is conducted by the business itself or its agents to gather new information, while secondary market research uses existing data from external sources.
• The marketing mix is made up of four elements: product, price, promotion, and place (distribution).
• The marketing mix consists of product, price, promotion, and place (4Ps) elements that businesses use to attract and retain customers.
• Research methods include surveys, questionnaires, interviews, focus groups, observations, experiments, case studies, and secondary data analysis.
• Surveys involve collecting responses from a large number of people using standardized questions, while questionnaires are similar but may be more detailed and specific.
• Interviews can be structured (using predetermined questions) or unstructured (allowing for open discussion), and they can be conducted face-to-face, over the phone, or online.
• Examples of primary market research include conducting customer satisfaction surveys, observing consumer behavior, and carrying out experiments with products.
• Secondary market research can be obtained from various sources including trade associations, government publications, academic journals, newspapers, magazines, books, and websites.
• Businesses use market research to make informed decisions based on accurate and up-to-date information.