Market research

• What is the main topic covered in the video?

  Market research
• What is the purpose of market research?

  To gather information about market and customers
• What are the three key influences on business success identified in market research?

  The market, customer needs, and competitors
• What can market research help businesses understand?

  Competition and pricing for products
• What are the four points that summarize the purpose of market research?

  Identify customer needs, gaps, reduce risk, aid decisions
• What important questions can market research answer?

  Who buys the product, competitors, and lifestyle fit
• What are the two types of market research mentioned?

  Primary and secondary research
• What is primary research?

  New research to answer specific issues
• What methods are used to gather primary research?

  Questionnaires, surveys, focus groups, interviews
• How can businesses obtain primary research?

  Through online questionnaires and face-to-face interviews
• What should businesses consider when collecting primary research?

  Cost, time, clarity of questions, and method
• What is a questionnaire?

  A set of questions with answer choices
• What is a focus group?


  A group discussing views on a product
• What is observation in primary research?

  Watching customers behave naturally
• What are the advantages of primary research?

  Relevant, up-to-date, and specific data
• What are the disadvantages of primary research?

  Costly, time-consuming, and potential bias
• What is secondary research?

  Research using existing sources of information
• What are the advantages of secondary research?

  Time and cost-effective, extensive data
• What are the disadvantages of secondary research?

  Inaccuracy and outdated information risks
• What is qualitative data?

  Data about opinions and preferences
• What type of questions are used to gather qualitative data?

  Open questions requiring detailed explanations
• What is quantitative research?

  Research based on larger samples and statistics
• What type of data does quantitative research provide?

  Numerical data addressing how many or how often
• What is the role of social media in market research?

  Provides quick access to large samples
• How can social media help businesses in market research?

  Identifies customer interests and competitor opinions
• What is the importance of reliability in market research data?

  Ensures data quality and relevance
• What does high-quality data represent?

  Accurate, valid, and reliable information
• What is the difference between reliable and valid data?

  Reliable data produces consistent results
• What are the methods of collecting primary research?

  • Questionnaires
  • Surveys
  • Focus groups
  • Interviews
  • Observation
• What are the advantages and disadvantages of primary research?

  Advantages:

  • Relevant and up-to-date
  • Specific to the firm's situation

  
  

  Disadvantages:

  • Costly and time-consuming
  • Potential for biased results
• What are the advantages and disadvantages of secondary research?

  Advantages:

  • Time and cost-effective
  • Extensive data available

  
  

  Disadvantages:

  • Inaccuracy of data
  • May be outdated
• What is the difference between qualitative and quantitative data?

  Qualitative Data:

  • Focuses on opinions and preferences
  • Uses open-ended questions

  
  

  Quantitative Data:

  • Based on larger samples
  • Provides numerical results
• How does social media impact market research?

  • Provides quick access to large samples
  • Identifies customer interests and competitor opinions
  • Allows real-time feedback on products
• What is the importance of data reliability in market research?

  • Ensures data quality
  • Guarantees relevance to the target audience
  • Affects the accuracy of business decisions