Primary & secondary market research

• What is market research primarily about?

  Collecting information about consumer needs
• Why is it important to collect information about consumer needs?

  To sell products that meet those needs
• How can market research improve the marketing mix?

  By enhancing the four Ps: price, product, promotion, place
• In which phase of the product lifecycle is market research usually conducted?

  Research and development phase
• What are the two types of market research?

  Primary research and secondary research
• What is primary research?

  Original research conducted by yourself
• How can surveys be used in market research?

  To gather qualitative and quantitative data
• Why is a larger sample size important in surveys?

  It increases the accuracy of the research
• What is one advantage of primary research?

  Tailored questions for specific needs
• What is a disadvantage of primary research?

  It is time-consuming to conduct
• What is secondary research?

  Using existing data created by others
• What is an advantage of secondary research?

  It is usually quicker to obtain
• What is a disadvantage of secondary research?

  Data may be too broad or outdated
• Why might small businesses prefer primary research?

  It can provide a competitive edge
• What are the key components of the marketing mix?

  • Price
  • Product
  • Promotion
  • Place
• What should you consider before conducting primary research?

  • Check existing secondary research
  • Assess if primary research is necessary
  • Determine the specific type of primary research needed
• What are the methods to gather secondary research?

  • Research by marketing firms
  • Government publications
  • Online resources
• What factors influence the accuracy of survey data?

  • Sample size
  • Method of data collection
  • Type of questions asked
• What are the potential uses of market research data?

  • Improve product offerings
  • Optimize pricing strategies
  • Enhance promotional efforts