Market research

• Qualitative

  Opinions and views
• Quantitative

  facts and statistics
• Market research into demand

  Give business an insight into customer wants and needs can help improve product, spot business opportunities and stay competitive
• Market research into competition

  Understand which businesses are major threats
• Market research into target Market

  Give business an insight into how customer wants/needs are changing over time
• Target market

  The group of customers whom a business aims to sell its products.
• Primary research

  Data collected first-hand, often in the form of surveys
• Secondary research

  Collection of data using information, or research provided by others
• What is a key benefit of questionnaires regarding cost?

  They are cost-effective to produce and distribute
• Why are questionnaires considered quick to complete?

  They can collect data from many people quickly
• How do closed questions in questionnaires aid analysis?

  They provide quantifiable data for easy summarization
• What is a feature of questionnaires that ensures consistency in data collection?

  Standardised format for all respondents
• How does anonymity in questionnaires affect responses?

  It encourages honesty in answers from respondents
• What is a disadvantage of closed questions in questionnaires?

  They may lack depth in responses
• What is a common issue with response rates in questionnaires?

  They often have a low response rate
• How can unclear questions affect questionnaire results?

  They may lead to misinterpretation by respondents
• Why might questionnaires not be suitable for everyone?

  Some may have literacy issues or language barriers
• What is a potential bias in questionnaire responses?

  Respondents may give socially acceptable answers
• What is a benefit of interviews regarding responses?

  They allow for detailed responses.
• How do interviews facilitate clarification?

  Interviewers can explain or rephrase questions.
• What type of communication do interviews promote?

  Two-way communication.
• What additional insights can be gained from interviews?


  Body language and emotions.
• Why do interviews have a higher response rate?

  People prefer face-to-face conversations.
• What is a disadvantage of interviews related to time?

  They are time-consuming.
• Why are interviews considered expensive?

  They require trained staff and travel.
• Why is data from interviews harder to analyze?

  Responses are often qualitative.
• How can interviewer bias affect interviews?

  The way questions are asked may influence responses.
• What is a limitation of sample size in interviews?

  Fewer people are interviewed.
• What are the benefits of interviews in business research?

  • Detailed responses through open-ended questions
  • Clarification of questions by interviewers
  • Two-way communication for deeper exploration
  • Insights from body language and emotions
  • Higher response rates compared to surveys
• What are the disadvantages of interviews in business research?

  • Time-consuming process
  • High costs due to trained staff and travel
  • Difficulty in analyzing qualitative data
  • Potential bias from the interviewer
  • Limited sample size affecting representativeness
• What is one benefit of trialling products?

  Real-world feedback from customers
• How does trialling help businesses reduce risk?

  It allows spotting and fixing problems early
• What can suggestions from trial users help improve?

  The product or service quality
• Why is market reaction important during trialling?

  It helps plan promotions and pricing strategies
• What can trials create among customers?

  Buzz and word-of-mouth
• What is a disadvantage of trialling related to costs?

  It can be expensive
• Why can trialling be time-consuming?

  It requires time to organize, run, and review
• What is a potential issue with the sample size in trials?

  It might not represent the entire target market
• What risk does trialling pose regarding competitors?

  It may expose new ideas to competitors
• How can negative feedback from trials affect a brand?

  It might harm the brand's reputation