5.2 The purpose and methods of market research

Cards (49)

  • There are three main types of market research.
    False
  • Steps involved in conducting market research
    1️⃣ Identify research objectives
    2️⃣ Choose research methods
    3️⃣ Collect data
    4️⃣ Analyze data
    5️⃣ Draw conclusions
  • What are the two main purposes of market research?
    Understand customers and assess competition
  • What is a primary research method that uses questionnaires to collect data?
    Surveys
  • What are the two main categories of market research methods?
    Primary and secondary
  • What is a key difference between primary and secondary research in terms of data source?
    Directly collected vs. existing data
  • What is an example of primary research used to understand customer preferences?
    Conducting customer surveys
  • What is an advantage of primary research over secondary research?
    More detailed and tailored
  • Focus groups are used in primary research to gather feedback from a small group of people.
  • What is a disadvantage of primary research in terms of time and cost?
    More time-consuming and expensive
  • Primary research provides data that is more detailed and tailored to the specific needs of the business
  • What is the purpose of market research?
    To understand customers, competitors, and the market environment
  • What is an example of secondary research?
    Government statistics
  • Match the type of research with its description:
    Primary Research ↔️ Collecting new data directly
    Secondary Research ↔️ Using existing data
  • Primary research is always the preferred method for businesses with limited resources.
    False
  • Combining primary and secondary research provides a comprehensive understanding of the market environment.

    True
  • Secondary research involves collecting new data directly from the market.
    False
  • Market research involves the systematic gathering and analysis of data about a specific market.
    True
  • What is the primary purpose of market research?
    To understand customers, competitors, and the market environment
  • Businesses use market research to identify new opportunities and minimize risks.
  • What is a primary research method that involves collecting data directly from customers through questionnaires?
    Surveys
  • Primary research provides a broader market context than secondary research.
    False
  • What is the key difference between primary and secondary research in terms of data source?
    Directly collected vs. existing
  • Surveys in primary research are inexpensive and easy to conduct.
    False
  • What is the main trade-off between primary and secondary research methods?
    Detail vs. cost
  • What is the primary goal of understanding customers through market research?
    Develop effective marketing plans
  • Why is it challenging to keep market research data up-to-date in rapidly changing markets?
    Markets evolve quickly
  • Primary research involves collecting new data directly from the market
  • The purpose of market research is to help businesses make informed decisions about their marketing strategies.

    True
  • Secondary research is less expensive and quicker to obtain
  • Industry reports are a secondary research method that analyzes data published by market research firms
  • Primary research often uses surveys to collect data directly from customers.
  • Primary research is more time-consuming and expensive than secondary research.
  • Match the type of market research with its example:
    Primary Research ↔️ Customer surveys
    Secondary Research ↔️ Industry reports
  • Understanding customer needs is a key purpose of market research.

    True
  • Secondary research provides broader market trends but may lack specific details.

    True
  • What is an example of secondary research that involves analyzing data published by industry associations?
    Industry reports
  • A key advantage of secondary research is that it is less expensive than primary research.
  • Primary research is typically less expensive and time-consuming than secondary research.
    False
  • Primary research methods such as surveys are useful for gathering direct customer feedback